Cryptocurrency banking group Sygnum has reached unicorn status following a successful $58 million strategic growth round. This funding effort, which was oversubscribed, elevates Sygnum’s valuation to over $1 billion. The round’s closure featured support from cornerstone investor Fulgur Ventures, noted for backing platforms such as Blockstream.
With the new funds, Sygnum plans to expand into multiple regions, enhance its Bitcoin-focused offerings, and explore strategic acquisitions. Notably, Sygnum retains majority ownership through its co-founders, board, and employees, underscoring the company’s controlled growth approach.
Sygnum’s remarkable growth is evidenced by a more than 1,000% year-over-year increase in total trades in 2024, thanks largely to partnerships like the one with Swiss state-owned PostFinance. Beyond PostFinance, the bank collaborates with over 20 banks to deliver regulated crypto services, catering to a significant portion of Switzerland’s population. The company also partners with AsiaNext and Hidden Road to bolster its Sygnum Connect settlement network.
Despite achieving unicorn status, Sygnum’s CEO expressed concerns about Switzerland’s competitiveness as a digital asset hub. He emphasized the importance of continuous innovation in maintaining the country’s relevance in the financial sector. Founded in 2017, Sygnum holds a banking license in Switzerland and capital market services and major payment institution licenses in Singapore. It manages over $5 billion in client assets and previously raised $40 million from investors including Azimut Holding.