Switzerland-based crypto banking group Sygnum is on the brink of achieving ‘unicorn’ status, having successfully closed a $40 million funding round, valuing the company at an impressive $900 million. This milestone marks a testament to Sygnum’s strategic approach to building trust through regulation and governance in the dynamic cryptocurrency market.
About Sygnum
Sygnum, founded by Mathias Imbach, is a leading player in the crypto banking space, emphasizing trust, regulation, and good governance. The platform has steadily grown, with assets under management now totaling $4 billion and a client base spanning more than 60 countries.
Team/Founders
Mathias Imbach, co-founder, and CEO of Sygnum has played a pivotal role in steering the company’s success. The team’s commitment to building trust in the cryptocurrency sector has been a driving force behind Sygnum’s strategic decisions.
Backers/Investors
The $40 million funding round was led by investment manager Azimut Holdings, showcasing the confidence of strong partners in Sygnum’s vision. Previously, in January 2022, Sygnum closed a $90 million funding round, valuing the firm at $800 million.
Investment Plans
Sygnum intends to utilize the newly acquired funds to expand its offerings into untapped markets in Europe and Asia. This expansion aligns with the company’s commitment to providing fully regulated solutions, catering to the increasing demand from investors seeking exposure to the cryptocurrency asset class.
Industry Impact
As the broader industry emerges from the ‘crypto winter,’ Sygnum’s success signifies a growing trend of investors and market participants seeking partnerships with trusted and well-managed financial institutions. The strategic fundraising positions Sygnum to further develop regulated solutions, contributing to the maturation and mainstream acceptance of the cryptocurrency ecosystem.
Conclusion
Sygnum‘s $40 million funding round propels the crypto banking group closer to ‘unicorn’ status, highlighting the significance of its regulatory-focused approach in navigating the cryptocurrency landscape. As the industry continues to evolve, Sygnum stands as a beacon of trust and reliability.
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FAQs
Q1.What is Sygnum’s approach to building trust in the crypto sector?
Sygnum emphasizes trust through a commitment to regulation and good governance, guiding its strategy through all market cycles.
Q2.How does Sygnum plan to use the $40 million in funding?
The funds will be used to expand Sygnum’s offerings into new markets in Europe and Asia, supporting the development of fully regulated solutions for investors in the cryptocurrency asset class.
