Sygnum, a digital asset bank headquartered in Switzerland, has made a significant leap forward with a successful $40 million fundraising round. This recent financial boost has propelled the company’s valuation to an impressive $900 million.

Sygnum’s co-founder and CEO, Mathias Imbach, expressed his enthusiasm about the achievement, especially in the current challenging financial climate. He highlighted the importance of the company’s commitment to trust, regulation, and good governance as key factors in its success through various market conditions.

Strategic Expansion and Growth

Azimut Holdings, a notable investment management company, led the investment round. Sygnum plans to use the newly acquired funds to broaden its horizons, targeting new markets in Europe and Asia. This expansion strategy follows the company’s substantial growth since its last funding round in January 2022, which valued Sygnum at $800 million. Since then, the bank’s assets under management have swelled to $4 billion, attracting 1,700 clients from over 60 countries.

Navigating the ‘Crypto Winter’

Gerald Goh, Sygnum’s co-founder and CEO of its Singapore operations, noted the recovery of the broader crypto industry from what is often termed the ‘crypto winter’. He pointed out that investors and market participants are increasingly looking for reliable and well-managed financial institutions. For Sygnum, this new funding round is a stepping stone to enhance their suite of regulated solutions, aiding investors as they delve deeper into the digital asset class.

Partnership and Innovation

In April of the previous year, Sygnum played a significant role in a $23 million funding initiative for P2P.org, a staking provider. P2P.org is innovating a new platform focused on intermediaries, taking advantage of the recent Ethereum Shanghai upgrade to improve the staking experience and to support its growth plans. This move aligns with Sygnum’s strategy of investing in and supporting groundbreaking solutions in the digital asset space.

In conclusion, Sygnum’s latest funding achievement is a testament to its robust strategy and commitment to regulatory compliance, significantly contributing to its near ‘unicorn’ status. With plans for expansion and continued innovation, the Swiss crypto bank is well-positioned to capitalize on the evolving opportunities in the digital asset market.

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