Sygnum, a digital asset bank operating in Switzerland and Singapore, has achieved unicorn status following a $58 million funding round that values the company at $1 billion. Bitcoin-focused investment firm Fulgur Ventures led the oversubscribed round, which included both new and existing investors.
The crypto bank, founded in 2017, has shown remarkable growth, with its 2024 third-quarter revenue already exceeding the entire previous year's figures. The bank currently manages approximately $5 billion in assets for over 1,700 clients across more than 60 countries.
"Reaching unicorn status validates our business model, strategy and team," said Mathias Imbach, Sygnum's CEO and co-founder. "However, we remain committed to our core values of integrity and humility."
Unlike traditional banks expanding into crypto services, Sygnum was built specifically for digital assets. The bank offers institutional and accredited private investors services including lending, brokerage, asset management, and tokenization. Their platform enables other financial institutions to provide crypto services to their clients, contributing to a reported 1,000% increase in annual trading volume last year.
In response to industry concerns following the FTX collapse, Sygnum emphasizes its regulatory compliance and transparent operations. The bank maintains complete separation between client crypto assets and its balance sheet, providing additional security for investors.
The fresh capital will support Sygnum's expansion plans in Europe and fund a new office in Hong Kong. The bank also plans to enhance its product offerings and pursue strategic acquisitions in the digital asset space.
As traditional financial institutions gradually enter the cryptocurrency market, Sygnum positions itself as a bridge between conventional banking and digital assets, maintaining regulatory compliance while fostering innovation in the rapidly evolving crypto banking sector.