Sygnum Bank valued at USD 1 bln following USD 58 million funding round

The round included participation from Fulgur Ventures, a venture capital firm cantered on bitcoin, as well as contributions from existing and new investors. Some employees of the bank also took part in the fundraising.

The deal reflects signs of recovery within the cryptocurrency industry, which has begun to stabilise after challenges including tighter monetary policies and the high-profile collapse of FTX.

Expanding services across Europe and Asia 

Headquartered in Zurich and Singapore, Sygnum provides institutional clients with a range of services, including crypto token trading, borrowing against crypto assets, digital asset custody, and interest-earning options for crypto holdings. The bank does not extend its services to retail users.

Registered in Liechtenstein in September 2024, Sygnum is aiming to expand its access across the European Union and European Economic Area markets by the end of the year. The newly raised funds will support this expansion into Europe and the launch of operations in Hong Kong. Additional investments will focus on improving the bank’s infrastructure and product offerings.

By the third quarter of 2024, Sygnum reported that revenues across its trading products, including crypto spot, derivatives, foreign exchange, and traditional securities, had already exceeded the total revenues recorded in the previous year. 

The company’s co-founder and Group CEO stated that Sygnum is currently focused on its core markets in Europe and Asia and does not plan to establish its own presence in the US. However, he noted the bank is monitoring positive developments in US crypto market regulations and is exploring alternatives, including partnerships or acquisitions, to potentially benefit from these trends.

In October 2024, Sygnum introduced a web3 wallet recovery module built on Safe, leveraging the capabilities of the Safe{RecoveryHub} ecosystem.

Through this launch, Sygnum gained the ability to restore access to users' wallets when designated as a recoverer on the Safe{RecoveryHub}. This means that if a user loses a signing key, Sygnum, acting as the recoverer, can help regain access. The initiative reflected Sygnum's focus on secure and compliant crypto self-custody, developed in collaboration with Safe, a provider of multi-signature web3 wallet infrastructure.