Key Points:
- Sygnum, a digital asset bank, secured a funding round amounting to $58 million, achieving a valuation exceeding $1 billion, thereby gaining unicorn status.
- The funding round was led by Fulgar Ventures, a venture capital firm focused on Bitcoin.
The crypto industry has welcomed a new unicorn with the digital asset bank Sygnum successfully closing a $58 million funding round. The bank, which operates out of Zug, Switzerland, and Singapore, announced the closure of an oversubscribed "strategic growth round" on Tuesday via an email announcement.
This funding has bestowed upon Sygnum the title of unicorn, a term denoting privately-held startups valued at $1 billion or more. This development follows Sygnum's previous valuation of $900 million from a $40 million raise about a year ago. The bank currently holds licenses in Luxembourg, Switzerland, and Singapore, with plans to utilize the new funding for expansion into the European market and establish a regulated foothold in Hong Kong.
Furthermore, the firm aims to diversify its product offerings, emphasizing Bitcoin technology and preparing for potential acquisitions.
