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Cryptopolitan 2025-01-14 13:35:27

Crypto’s Sygnum Bank joins the billion-dollar club after $58 million raise

Sygnum Bank just joined the billion-dollar club, and it’s a big deal. The Switzerland-based digital asset bank hit a valuation north of $1 billion after pulling in $58 million in an equity funding round. Fulgur Ventures, a Bitcoin-focused venture capital firm, led the charge, with further support from new and existing investors. Even Sygnum’s own team members threw their hats in the ring. This milestone follows a $41 million funding round in 2024, which set the bank’s valuation at $850 million. The crypto boom—fueled by Bitcoin ETFs and prospective crypto-friendly policies under Donald Trump—helped Sygnum capitalize on a thriving market. By the third quarter, trading revenues for crypto, FX, and securities had already blown past both 2022 and 2023 figures combined. Sygnum’s record-breaking growth in 2024 Sygnum’s growth numbers are hard to ignore. Annual trades surged by more than 1,000% year-over-year, thanks to partnerships with Swiss banking giants like PostFinance and over 20 other institutions on its B2B platform. The bank also manages more than $5 billion in client assets. “Last year was a watershed moment,” said Mathias Imbach, Sygnum’s Co-Founder and Group CEO. “The approval of Bitcoin ETFs marked a critical convergence of traditional finance and decentralized infrastructure.” But it wasn’t just about trades. Sygnum’s crypto derivatives trading surged by 500%, while loan volumes jumped 360%. The funding boost is set to power the bank’s expansion plans for Europe and Hong Kong in 2025. The bank started 2024 strong, announcing a $40 million raise in January that pushed its valuation to $900 million. By midyear, the bank hit another milestone—profitability. H1 2024 saw client assets grow to $4.5 billion, driven by explosive trading activity and strategic partnerships. In July, the bank launched Sygnum Connect, a 24/7 multi-asset settlement network. This platform lets institutional players settle trades anytime, without waiting for traditional banking hours. Big names like AsiaNext and Hidden Road are already on board. By December, the bank closed out the year with a bang. It inked a partnership with Bergos, a Swiss private bank, to enhance service offerings. This collaboration will reportedly bring even more institutional clients into the crypto fold. From Zero to Web3 Pro: Your 90-Day Career Launch Plan

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