The digital asset technology group, Sygnum inches closer to the status of a unicorn after raising $90 million in its Series B round. The company is now valued at $800 million.
The Series B financing was led by Sun Hung Kai & Co. Limited, a prominent Hong Kong-listed financial services firm. The Canadian investment firm, Meta Investments, prominent blockchain, non-fungible token (NFT) and metaverse gaming companies, including Animoca Brands and Wemade, also joined the funding round.
Sygnum, which has a Swiss Banking license, is planning to use the funds to accelerate the development of institutional-level Web 3.0 offerings. Additionally, the crypto firm is planning to expand its presence in new global markets.
“The digital asset economy is rapidly crossing the chasm to mainstream adoption where investors will demand fully-regulated solutions as they accelerate their exposure. This financing round is a key milestone in our global expansion and in our mission to empower everyone everywhere to own digital assets with complete trust”, says Mathias Imbach, the Co-Founder and Group CEO of Sygnum.
In November 2020, Sygnum bank entered the crypto staking market and started offering stake rewards for Tezos. The company’s expansion in 2021 includes its partnership with SBI and Azimut to introduce a $75 million VC fund.
Growth in 2021
The digital asset bank has highlighted its growth over the last 12 months. As a result of the growing interest in cryptocurrencies, Sygnum’s digital assets under administration climbed to over $2 billion. Moreover, the crypto firm saw a jump in institutional clients.
“We have a strategic vision to expand our fund management offerings into digital assets. Amidst growing institutional demand and regulatory oversight of this sector, Sygnum, with its track record as a fully-regulated digital asset bank and asset manager, is the ideal partner for us to co-develop digital asset focused products together and to cater to the strong demand for digital asset solutions and services in Asia, Europe and beyond,” Lee Seng Huang, the Group Executive Chairman of Sun Hung Kai, added.
