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