Singapore licensed crypto firm Sygnum raises US$88.5 million in latest financing round, valuation hits US$800 million (S$1 billion)

Singapore and Switzerland-based Sygnum, which operates a trading platform and digital asset bank has raised US$88.5 million (S$120 million) in a Series B funding round led by Sun Hung Kai & Co, a Hong Kong alternative financial services firm.

The funding round was also joined by other investors including Animoca Brands, Wemade, Meta Investments (Canadian investment firm), and founders of leading decentralized finance (DeFi) protocols. Existing investors Siam Commercial Bank’s digital investment arm SCB 10X, and SBI Holdings also participated in this financing round.

According to the company, a large group of employees also participated in their personal capacity in the Series B round. These team members have joined the firm as board members, co-founders, and management team as shareholders of Sygnum.

Diving Deeper

Sygnum was founded by an experienced and interdisciplinary team of investment, banking, regulatory, and DLT experts, and is backed by a distinguished group of institutions and individuals.

With this latest funding, Sygnum will develop its new offerings including asset management solutions for institutional clients and yield-generating products. This infusion of funds will also help the firm to launch its market-tested products into new global markets and expand its operations in Singapore.

“The digital asset economy is rapidly crossing the chasm to mainstream adoption, where investors will demand fully-regulated solutions as they accelerate their exposure,” said Mathias Imbach, a Sygnum co-founder and its chief executive officer. “This financing round is a key milestone in our global expansion.”

Sygnum presently has a Singapore asset management license and a Swiss banking licence.

Sun Hung Kai & Co’s group executive chairman Lee Seng Huang said his company has a strategic vision to expand its fund management offerings into digital assets.

“Amid growing institutional demand and regulatory oversight of this sector, Sygnum, with its track record as a fully regulated digital asset bank and asset manager, is the ideal partner for us to co-develop digital asset-focused products together, and to cater to the strong demand for digital asset solutions and services in Asia, Europe and beyond,” he said.

Sygnum’s client base includes about 1000 financial institutions, corporates, banks, and private investors and the company has grown tenfold on-year in 2021.