Sygnum Bank Secures Eight Figure Investment From SBI Digital Assetby Company Announcement February 18, 2021
Swiss Digital asset bank Sygnum announced that it has secured an eight-figure US$ investment from SBI Digital Asset Holdings, the digital asset umbrella company of SBI Group, as the lead investor of its strategic investment fundraising round.
With the completion of this fundraising round, Sygnum will have raised approximately US$ 30 million in the past six months.
Proceeds from this fundraising round will be used to continue to grow Sygnum’s assets under administration, which stood at over half a billion US$ as of January 2021.
This includes expanding its client base of private qualified and institutional investors, banks and other financial institutions.
The proceeds will also drive Sygnum’s expansion into new markets in Europe and Asia from its Switzerland and Singapore headquarters, as well as accelerate the launch of new products and services.
Sygnum will also be commercialising its newly-launched Desygnate tokenisation platform and SygnEx secondary market trading facility.
The company will also be expanding its’s open banking API infrastructure to enable banks and other market participants to offer their clients digital assets exposure with complete trust.
Additionally, Sygnum plans on increasing its range of institutional-grade custody features, such as additional staking services and yield generating products.
Sygnum will aslo be developing new asset management products, such as the digital asset options that were launched in January 2021.
This funding round build on Sygnum’s and SBI’s strategic partnership that was established in October 2020 with a planned SBI-Sygnum Digital Asset Opportunity fund, which targets early-stage investments in digital asset startups.
“We are very pleased to welcome SBI Group as a trusted Sygnum shareholder and strategic partner. 2020 saw digital assets receive a global surge in interest from institutional investors and financial institutions.
Together with SBI’s deep and longstanding expertise in fintech and digital assets, we look forward to meeting the rising demand coming from Switzerland, Singapore and globally, and providing our clients with unique investment opportunities, empowering them to diversify into the emerging digital assets economy with complete trust,”
said Mathias Imbach, Sygnum Co-Founder and Group CEO.
Featured image credit: Edited from Unsplash