Sygnum Raises $40 Million in Funding Round Led by Azimut Holding
Sygnum AG, a global digital asset bank, has successfully raised $40 million in a strategic funding round led by Azimut Holding. The funding round was oversubscribed, surpassing the original target of $35 million. This achievement has elevated Sygnum’s post-money valuation to approximately $900 million.
Sygnum Reports $100M Revenue for 2023
Despite the challenging market conditions during the “crypto winter,” Sygnum demonstrated resilience and financial success. By the end of 2023, the bank reported an annualized revenue rate exceeding $100 million and achieved positive cash flow in the fourth quarter.
Expansion into New Markets
The successful funding round positions Sygnum AG to expand into new markets and take advantage of positive developments in the digital asset industry. The bank aims to enhance its collection of regulated products and services.
Regulated Banking Services in Global Market
Sygnum holds a banking license in Switzerland and operates with Capital Markets Services (CMS) and Major Payment Institution Licenses in Singapore. It is also regulated in Abu Dhabi and Luxembourg. The bank caters to professional investors, institutional investors, banks, corporate entities, and those involved in distributed ledger technology (DLT).
Positive Market Position
Sygnum’s co-founder and CEO, Mathias Imbach, emphasized the bank’s commitment to trust through regulation and good governance. Sygnum Singapore CEO Gerald Goh highlighted the company’s strong position as a leading regulated financial institution in the global digital asset industry.
Hot Take: Sygnum Secures Funding for Expansion and Mergers
Sygnum’s successful funding round of $40 million, led by Azimut Holding, sets the stage for the bank’s expansion into new markets and the capitalization of positive market developments in the digital asset industry. Despite the challenges faced during the “crypto winter,” Sygnum demonstrated resilience and financial success, reporting over $100 million in revenue for 2023. With its regulated banking services and strong position as a leading institution in the global digital asset industry, Sygnum is well-positioned for future growth and potential mergers.
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