Crypto Bank Sygnum Raises $58M Round Led by Bitcoin-Focused VC Fulgar Ventures

01/14/2025 13:27
Crypto Bank Sygnum Raises $58M Round Led by Bitcoin-Focused VC Fulgar Ventures

The Zug and Singapore-based lender closed the oversubscribed "strategic growth round," which was led by BTC-focused venture capital firm Fulgar Ventures

Crypto Bank Sygnum Gets Unicorn Status With $58M Round

The Zug and Singapore-based lender closed the oversubscribed "strategic growth round," which was led by BTC-focused venture capital firm Fulgar Ventures

Updated Jan 14, 2025, 5:41 a.m. UTCPublished Jan 14, 2025, 8:00 a.m. UTC

The crypto industry has a new "unicorn" in digital asset bank Sygnum, which has just closed a $58 million funding round.

The Zug, Switzerland and Singapore-based lender closed an oversubscribed "strategic growth round," which was led by BTC-focused venture capital firm Fulgar Ventures, according to an emailed announcement on Tuesday.

The round gave Sygnum "unicorn" status, the term for a privately-owned startup with a valuation of $1 billion or more. The round comes around a year after Sygnum acquired a $900 million valuation on the back of a $40 million raise.

Sygnum, which is currently licensed in Luxembourg, Switzerland and Singapore, plans to use the new capital to expand its entry to the European market and initiate a regulated presence in Hong Kong.

The bank plans to expand its product base with a focus on Bitcoin technology and prepare the ground for acquisitions.

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Jamie Crawley

Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.

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