Sygnum, a Swiss digital assets banking group, raised $58 Million in a strategic growth round that was oversubscribed. This has pushed its valuation to $1 Billion.
BitcoinFulgur Ventures, a venture capital company that focuses on the e-commerce sector, led as cornerstone investors. They joined new and existing strategic partners alongside Sygnum’s team.
The co-founders and board members, as well as the team, retain majority ownership.
According to a shared statement, the banking group will manage over $5 billion of total assets for clients in 2024. The trading volume is expected to grow by more than 1,000% per year. Decrypt. According to the statement, this achievement was possible because of Sygnum’s collaboration with PostFinance that began in April 20,23.
Mathias Imbach is the co-founder, group CEO and Sygnum’s Mathias Imbach still believes, despite these achievements, that Switzerland as a whole, has a lot to offer. "losing ground to other jurisdictions."
It means the country should "not ignore the importance of continuous innovation in the financial sector," Imbach said.
The growth round will fuel Sygnum's expansion into EU/EEA markets and launch its regulated presence in Hong Kong. As demand for regulated cryptocurrency services grows, the company plans to expand its institutional infrastructure as well as its Bitcoin-focused products.
Sygnum Connect launched in July last year its 24/7 multiasset settlement system, Sygnum Connect. The network was a partnership between digital asset exchange AsiaNext as well as prime broker Hidden Road.
Sygnum Protect was introduced by the company shortly after. It allows clients who are institutional to use major crypto-exchanges and hold collateral on bank-grade custodial services.
“Confidence without attitude”
It is both exciting and humbling to have reached unicorn status in its most recent round. "strong validation" of Sygnum's strength and a signal for the bank to keep showing "confidence without attitude," Imbach is a stated.
Swiss authorities seize 26 million dollars in crypto assets from executives of the failed crypto project Terraform Labs. The amount of money held by Do Kwon, former CEO of Terraform Labs, was double what previous estimates indicated.
The seizure followed Terraform Labs' $40 billion implosion in May 2022, which led to multiple fraud charges and Kwon's arrest in Montenegro on passport forgery charges while fleeing to Dubai.
As 2025 opened, Do Kwon pleaded not guilty to U.S. charges over Terra's collapse. The criminal trial for Do Kwon has been scheduled for 2026, following his extradition from the U.S.
Sygnum didn’t immediately return Decrypt's request for comment.