Crypto bank Sygnum AG has raised 35 million Swiss francs ($41 million) to fund expansion and acquisition plans.
According to a report from BNN Bloomberg, the investment was led by asset manager Azimut Holding and comes at a valuation of about 725 million Swiss francs, similar to a previous round in January 2022, according to co-founder and CEO Gerald Goh.
Goh said Sygnum is looking to enter one more European jurisdiction and one more Asian jurisdiction this year, pending necessary approvals. The raise comes as crypto venture funding has slumped after the 2022 digital asset market rout.
However, Sygnum has doubled its client base to over 1,700 and grown assets under management twofold to 3.7 billion Swiss francs through the end of 2023.
Sygnum runs a digital asset bank in Switzerland and offers asset management and a crypto brokerage in Singapore. It is looking at European acquisition targets that offer services similar to its existing activities, Goh said.
He noted that all acquisition opportunities presented are in activities Sygnum currently performs. The firm last raised $90 million in January 2022 led by Sun Hung Kai & Co.
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