“Sygnum reaching unicorn status is a strong validation by the market of our business model, strategy and team,” said Mathias Imbach, Sygnum co-founder and group CEO, in a press statement on Tuesday 14 January 2025. Photo: Sygnum

“Sygnum reaching unicorn status is a strong validation by the market of our business model, strategy and team,” said Mathias Imbach, Sygnum co-founder and group CEO, in a press statement on Tuesday 14 January 2025. Photo: Sygnum

Sygnum, regulated as a virtual asset service provider (VASP) in Luxembourg, has achieved a $1bn valuation after a $58m funding round to drive global growth and bitcoin-focused products.

Sygnum, a global digital asset banking group, completed a strategic fundraising round, receiving $58m in capital, the bank on Tuesday 14 January 2025. The oversubscribed round increased the company’s post-money valuation to over $1bn, granting it unicorn status.

Sygnum holds a banking licence in Switzerland and is licensed as a capital markets services and major payment institution in Singapore. The company is also regulated in Abu Dhabi and Luxembourg. In Luxembourg, it is registered as a virtual asset service provider (VASP) and has been by the Luxembourg Financial Sector Supervisory Commission (CSSF) since 2022. The Luxembourg operations are managed through the Zurich office, a representative of Sygnum told Paperjam.

Strategic growth

The $58m raised will fund Sygnum’s expansion into the EU/EEA market and the establishment of a regulated presence in Hong Kong by 2025, the bank stated in its press release. The company plans to enhance its institutional infrastructure and broaden its product offerings, with a particular focus on bitcoin technology. The proceeds will also support strategic acquisitions, organisational resilience, compliance operations and risk management systems, aligning with the industry’s growing regulatory demands.

Sygnum reported significant growth across its core business operations in 2024. Revenue from trading products--including cryptocurrency spot, derivatives, foreign exchange--and traditional securities surpassed previous annual totals by the third quarter for the second consecutive year. Total annual trades increased by more than 1,000% year-on-year, driven by PostFinance and over 20 banks on Sygnum’s B2B platform, which now provides regulated cryptocurrency services to more than one-third of the Swiss population.

Partnership

Fulgur Ventures, a venture capital firm focusing on bitcoin-related technologies, was a key participant in the fundraising round. According to Oleg Mikhalsky, partner at Fulgur Ventures, Sygnum’s infrastructure and expertise make it an ideal collaborator for developing bitcoin-related financial products. He described the investment as timely, coinciding with a pivotal moment for bitcoin’s institutional adoption and regulatory clarity.

Sygnum reported operational profitability in 2024, alongside a 2,000-strong institutional client base spanning over 70 countries. Clients are served through the group’s regulated operations in Switzerland, Singapore and Abu Dhabi.

Mathias Imbach, Sygnum’s co-founder and group CEO, noted that achieving unicorn status, referring to startups valued at more than $1bn, validated the group’s business model and team. He also emphasised the need for Switzerland to maintain its relevance as a digital asset hub through continuous innovation and investment in the financial sector.

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