Sygnum, the digital asset bank, raised $58 million in funding, achieving a valuation of over $1 billion as it expands into the EU and Hong Kong markets.

Sygnum, a digital asset banking group, announced the completion of a $58 million strategic growth round of financing, with a post-investment valuation of more than $1 billion. This round of financing was led by Fulgur Ventures, a venture capital firm focused on Bitcoin technology, with the participation of new and existing investors and company employees, and the founding team still maintains a controlling position. The funds will be mainly used for EU/EEA market expansion and Hong Kong compliance business layout in 2025. Sygnum plans to strengthen the development of products related to Bitcoin technology and pursue strategic acquisition opportunities. At the same time, the company will increase investment in compliance and risk management to cope with the tightening of industry regulations. According to the performance data, Sygnum’s 2024 trading product revenue has surpassed the level of the whole year of 2023 in the third quarter, and the annual transaction volume has increased by more than 1,000% year-on-year. Its B2B platform provides crypto services to more than 20 institutions, including Swiss Post Bank, covering more than one-third of the Swiss population.