Digital asset bank group Sygnum completes $58 million strategic growth round financing, with a post-investment valuation exceeding $1 billion

ChainCatcher news, according to Crowdfundinsider, digital asset bank group Sygnum announced the completion of a $58 million strategic growth round financing, with a post-investment valuation exceeding $1 billion. This round of financing was led by venture capital firm Fulgur Ventures, which focuses on Bitcoin technology, with participation from new and existing investors as well as company employees, while the founding team maintains a controlling stake.

The funds will primarily be used for market expansion in the EU/EEA in 2025 and for compliance business development in Hong Kong. Sygnum plans to strengthen the development of Bitcoin technology-related products and seek strategic acquisition opportunities. The company will also increase its investment in compliance and risk management to respond to the tightening regulatory environment in the industry. Performance data shows that Sygnum's trading product revenue in the third quarter of 2024 has already surpassed the total for the entire year of 2023, with annual trading volume increasing by over 1000% year-on-year. Its B2B platform provides crypto services to over 20 institutions, including Swiss Post Bank, covering more than one-third of the population in Switzerland.