Swiss crypto bank Sygnum has raised nearly $60 million in a strategic growth round as it plans further regional expansion.
Digital asset Swiss bank Sygnum has raised $58 million in its Strategic Growth Round, pushing its value to over $1 billion and making it a “unicorn.”
The bank said in a Jan. 14 announcement that the funding round was oversubscribed, with Fulgur Ventures, a Bitcoin-focused venture capital firm, as the cornerstone investor. New and existing investors, along with Sygnum team members, also participated in the funding. Mathias Imbach, Sygnum’s chief executive, said that reaching unicorn status is “a strong validation by the market of our business model, strategy and team.”
“While it is an achievement we are very proud of, it won’t alter the values of integrity and humility, and the importance of displaying confidence without attitude at all times, which have acted as our true-north since day one.”
Mathias Imbach
With the funding, the bank plans to use the proceeds to expand its market presence in the EU/EEA and Hong Kong, as well as improve its Bitcoin services and grow its product offerings.
Incorporated in 2018, Sygnum claims that in 2024 it saw major growth as revenues from trading products like crypto spot and derivatives surpassed 2024’s total in Q3, while annual trades increased by more than 1,000%.
In mid-December 2024, Sygnum issued a research report, outlining that most of the largest institutions haven’t entered the crypto ecosystem yet, suggesting that the “opportunity for further steep price appreciation is from engagement by these investors.” The Switzerland-based bank also believes that altcoins, unlike the previous bull runs, wouldn’t shine as much as Bitcoin. One of the main reasons, Sygnum says, is the spot Bitcoin exchange-traded funds.
