A $40 million funding round closed by Swiss crypto banking corporation Sygnum put the company’s valuation at $900 million.
In a press statement on Thursday, Mathias Imbach, co-founder and CEO of Sygnum, stated, “We are grateful for our investors’ trust in us and are excited to be closing a successful funding round in this macro environment with such strong partners.” Over all market cycles, we have been guided by our goal of establishing trust through regulation and good governance.
Azimut Holdings led the round as an investment manager. The firm claims that it will use the money raised to extend its product line into new European and Asian markets.
Sygnum closed a $90 million investment round in January 2022, valuing the company at $800 million. The bank now has 1,700 clients from more than 60 countries, and its assets under control have increased to $4 billion since the last round ended.
Gerald Goh, the co-founder and CEO of the company’s Singapore operations, stated in a release that “the broader industry is emerging from the ‘crypto winter,’ and investors and market participants are increasingly seeking to partner with trusted and well-managed financial institutions.” With the help of this fundraising, Sygnum will be able to expand its offering of fully regulated products to better assist investors in increasing their exposure to the asset class.
Sygnum took part in the $23 million fundraising effort for P2P.org, a stake provider, in April of last year.
P2P is creating a new infrastructure platform with an intermediary focus, utilising Ethereum’s recent Shanghai upgrade to improve staking user experience and support growth plans.