Switzerland’s digital asset bank, Sygnum, has successfully raised $40 million in a recent funding round. The funding was led by Italian asset manager Azimut, contributing to an oversubscribed round. With this investment, Sygnum’s valuation has increased to $900 million, up from its previous valuation of $800 million during its Series B funding round.
Financial Success and Existing Investors
Sygnum has reported positive financial figures, with a revenue run rate exceeding $100 million and a positive cash flow in Q4. The bank manages assets worth over $4 billion. While the identities of the other investors remain undisclosed, Sygnum has already gained support from major players such as Japan’s SBI and Siam Commercial Bank’s SCB 10X.
Product Development and Expansion Plans
Utilizing the newly acquired funds, Sygnum intends to further develop its product offerings and expand into new jurisdictions. The bank currently offers cryptocurrency solutions to 15 banks, including Switzerland’s PostFinance. Sygnum holds licenses in Switzerland and Singapore, and engages in regulated activities in Luxembourg and Abu Dhabi.
Azimut CEO’s Confidence in Sygnum’s Growth
Giorgio Medda, CEO of Azimut Holding, expresses strong confidence in Sygnum’s growth and position within the digital asset sector. He highlights the partnership between Azimut and Sygnum in developing the first tokenization of a private credit portfolio in Europe, emphasizing their shared dedication to utilizing technology for the advancement of the investment industry.
Reinforcement of Sygnum’s Reputation
The investment from Azimut and other backers not only provides financial support, but also strengthens Sygnum’s reputation as a prominent financial institution operating within the digital asset space. As Sygnum continues to innovate and expand its reach, it is well-prepared to make a significant impact on the world of cryptocurrency and blockchain technology.