Sygnum, a crypto banking group based in Switzerland, has closed a $40 million round, valuing the company at $900 million.
“Closing a successful financing round in this macro environment with such strong partners is exciting, and we are grateful for the confidence our investors have in us,” Matthias Embach, co-founder and CEO of Sygnum, said in a press release on Thursday. “Our strategy of building trust through regulation and good governance has guided us through all market cycles.”
Investment manager Azimut Holdings led the round. The company says it plans to use the proceeds to expand its offerings into new markets in Europe and Asia.
In January 2022, Sygnum closed a $90 million funding round, valuing the company at $800 million. Since the conclusion of the last round, the bank's assets under management have increased to $4 billion, with 1,700 clients from more than 60 countries.
“The broader industry is emerging from the ‘crypto winter,’ and investors and market participants are increasingly seeking to partner with reliable, well-managed financial institutions,” said Gerald Goh, the company’s co-founder and CEO of its Singapore operations. statement. “For Sygnum, this fundraising will allow us to continue building our suite of fully regulated solutions to support investors as they increase their exposure to the asset class.
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