Sygnum, a licensed crypto bank, and asset manager received $90 million in a Series B investment round. The company is now worth $800 million.
Sygnum’s Series B fundraising was led by Sun Hung Kai & Co., a Hong Kong-based financial services firm. Animoca Brands, SBI Holdings, Siam Commercial Bank’s digital investment arm SCB 10X, and Canadian investment company Meta Investments were among the other investors in the round.
Employees from Sygnum took part in the Series B round, as they have in all of its previous funding rounds. According to Sygnum, the company’s major ownership is still held by these employees, co-founders, board members, and management teams.
Expanding the company
Sygnum reported tremendous growth in 2021, with consolidated gross revenues tenfold, assets under management exceeding $2 billion, and an institutional customer base approaching 1,000.
Spot and options trading, custody, crypto-backed fiat loans, institutional banking, and asset management solutions are all available via Sygnum. It holds a banking license from Switzerland and an asset management license from Singapore.
Sygnum intends to utilize the additional funds to launch decentralized financial products and services (DeFi). Permissioned DeFi pools, such as Aave Arc and DeFi asset management systems, are among them. In addition, Sygnum Bank has announced DeFi+ Core, a DeFi structured investment product that offers diversified exposure to the DeFi industry.
“Savvy digital asset investors are increasingly looking for novel opportunities in the frontiers of Web 3.0, including DeFi, NFTs, play-to-earn gaming and the metaverse”, said Sygnum Singapore co-founder and CEO Gerald Goh. “We look forward to partnering with our strong global network of strategic investors to expand our suite of fully-regulated digital asset offerings and solutions into these emerging verticals.”
Sun Hung Kai, Sygnum’s Series B lead investor, will work with the bank to create crypto-focused products to extend its fund management operations.
Sygnum’s total financing is $120 million, thanks to the Series B round. Earlier, the bank had acquired $30 million.