Sygnum, a crypto-focused bank, has reached a $1 billion valuation after securing $58 million in its latest funding round, the company announced on Tuesday. The round was led by bitcoin-focused venture capital firm Fulgur Ventures, with contributions from both existing and new investors, as well as some of the company’s employees.
This milestone marks a significant recovery for the cryptocurrency industry, which has been rebounding following a period of volatility caused by tighter monetary policies and the high-profile collapse of FTX.
Headquartered in Zurich and Singapore, Sygnum serves institutional clients, offering services such as crypto token trading, borrowing against crypto assets, and digital asset custody. Additionally, the firm enables customers to earn interest on their crypto holdings. Notably, Sygnum’s offerings do not extend to retail users.
The company’s growth strategy has included expanding its regulatory presence. In September, Sygnum was registered in Liechtenstein, providing a pathway to access markets across the European Union and the European Economic Area. By the end of the year, Sygnum plans to deepen its European footprint and launch operations in Hong Kong. The newly acquired funds will also support investments in its infrastructure and the development of its product portfolio.
Sygnum reported robust performance across its trading products in 2024. By the third quarter, revenue from offerings such as crypto spot trading, derivatives, foreign exchange, and traditional securities had already exceeded the total revenue of the previous year.
“Sygnum has focused on its home markets in Europe and Asia and has no current plans to enter the US market with our own entities,” said Mathias Imbach, co-founder and CEO of Sygnum. “The US developments for positive crypto market reform are, however, highly encouraging … Sygnum is exploring other options to benefit from this trend.”
As the crypto industry continues its recovery, Sygnum’s achievements underline a resurgence of investor confidence and growing institutional interest in digital assets. With its targeted expansion plans and robust service offerings, the bank is well-positioned to capitalize on the renewed momentum in the sector.
