Crypto banking group Sygnum raises over $40 million in funding
Sygnum, a crypto banking group, has announced that it has raised over $40 million in an interim close of a strategic funding round. The funding was led by Milan-based asset manager Azimut Holding. This amount exceeded the target of $35 million that the company had set.
Gerald Goh, co-founder and CEO of Sygnum’s Singapore arm, stated that the broader industry is recovering from the “crypto winter” and investors are increasingly seeking trusted financial institutions to partner with. The funds raised will help Sygnum expand into new markets and further develop its regulated products, including bank-to-bank digital asset services.
Plans for expansion into new markets
Sygnum plans to enter one market in Europe and another in the Asia-Pacific region. However, due to regulatory obligations, the firm cannot disclose further details at this time.
In a previous funding round, Sygnum raised $90 million from several Asia-based investors. The company currently manages assets worth over $4 billion from more than 1,700 clients across 60 countries.
Hot Take: Sygnum secures significant funding for expansion
Sygnum’s successful funding round reflects the growing interest in partnering with trusted and well-managed financial institutions in the crypto industry. With over $40 million secured, Sygnum can now focus on expanding into new markets and further developing its suite of regulated products. This influx of capital positions Sygnum as a key player in the evolving crypto banking sector.
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