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Crypto Bank Sygnum Gets Unicorn Status With $58M Round
The Zurich and Singapore-based lender closed the oversubscribed "strategic growth round," which was led by BTC-focused venture capital firm Fulgur Ventures
What to know:
- Crypto bank Sygnum has closed a $58 million funding round giving it a valuation of over $1 billion and thus acquiring "unicorn" status.
- The round was led by BTC-focused venture capital firm Fulgur Ventures.
The crypto industry has a new "unicorn" in digital asset bank Sygnum, which has just closed a $58 million funding round.
The Zurich, Switzerland and Singapore-based lender closed an oversubscribed "strategic growth round," which was led by BTC-focused venture capital firm Fulgur Ventures, according to an emailed announcement on Tuesday.
STORY CONTINUES BELOW
The round gave Sygnum "unicorn" status, the term for a privately-owned startup with a valuation of $1 billion or more. The round comes around a year after Sygnum acquired a $900 million valuation on the back of a $40 million raise.
Sygnum, which is currently licensed in Luxembourg, Switzerland and Singapore, plans to use the new capital to expand its entry to the European market and initiate a regulated presence in Hong Kong.
The bank plans to expand its product base with a focus on Bitcoin technology and prepare the ground for acquisitions.
Read More: Garanti BBVA’s to Provide Crypto Trading Services in Hint of Things to Come
CORRECTION (Jan. 14 2025, 09:55 UTC): Corrects that Sygnum is based in Zurich, not Zug.
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
