Crypto banking group Sygnum announced today that it has secured over $40 million in an interim close of a strategic funding round, led by Milan-based asset manager Azimut Holding.

The amount raised exceeded the target number of $35 million, the company said in a statement shared with The Block.

“The broader industry is emerging from the ‘crypto winter’ and investors and market participants are increasingly seeking to partner with trusted and well-managed financial institutions,” Gerald Goh, co-founder and CEO of Sygnum’s Singapore arm, said in the statement. “For Sygnum, this fundraise will allow us to further build out our suite of fully regulated solutions to support investors as they increase their exposure to the asset class.”

Sygnum intends to use the newly raised capital to drive …