Signum, a Swiss-founded crypto banking group, closed a $40M round, which valued the company at $900M. The firm noted that its earlier funding round’s initial target was $35M.
In a press release, Mathias Imbach, Sygnum’s chief and co-founder, said that concluding a fruitful funding round in the present macro environment with robust partners is thrilling and thanked the investors for having trust in them.
Additionally, he said that their strategy to establish trust through regulation and proper governance has been effective in all market cycles.
Sygnum Eyes Expansion in Europe and Asia Markets
Azimuth Holdings, an investment manager, steered the financing round to success. The firm claims to utilize the earnings to improve its offerings in new markets across Asia and Europe.
In January 2022, the banking group had concluded a funding round worth $90M, putting the firm’s valuation at $800M. Since this round’s conclusion, Sygnum’s assets under management have risen to $4B, with 1700 customers from more than 60 nations.
According to Gerald Goh, the wider industry is rising from the ‘crypto winter.’ As such, market participants and investors increasingly aim to collaborate with trusted and properly managed financial institutions.
Sygnum Eyes Regulated Solutions to Investors
He also said that concerning Sygnum, the funds will aid in further developing the collection of wholly regulated solutions to back investors as they boost their exposure to the asset class. Gerald is the company’s co-founder and chief of its Singapore activities.
In April 2023, Sygnum was part of the $23M fundraising for P2P.org., a staking provider. P2P is creating a new intermediary-based infrastructure platform, taking advantage of the latest Shanghai improvement of Ethereum to boost user experience in staking and promote expansion strategies.
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