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Crypto bank Sygnum raises $90 million in a funding round led by Sun Hung Kai

Updated: Jul 25, 2024
Published: Jan 6, 2022
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Sygnum, a regulated crypto bank and asset manager has raised $90 million in a Series B funding round. The company is now valued at $800 million.

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Hong Kong real estate giant leads $90M raise

Sygnum officially announced Thursday that it had closed a $90 million Series B funding round led by Sun Hung Kai, a Hong Kong real estate giant and alternative investment firm. According to Lee Seng Huang, chief executive officer of Sun Hung Kai, the company has a strategic vision to expand its fund management offering to digital assets. Other investors in the round included Animoca Brands, SBI Holdings, Siam Commercial Bank's digital investment arm SCB 10X, and Canadian investment firm Meta Investments.

The fresh capital will help the Swiss company expand globally, develop new products in collaboration with strategic investors, and accelerate the development of new institutional Web 3.0 offerings such as decentralized finance pools and staking services. As with all previous funding rounds, Sygnum employees participated in Series B. These employees, co-founders, board members, and management team continue to hold a majority stake in the company.

What is Sygnum?

Sygnum offers various crypto services, including spot and options trading, custody, crypto-backed fiat lending, institutional banking, and wealth management products. The company holds a banking license in Switzerland and an asset management license in Singapore. The company said its business grew significantly in 2021, with consolidated gross revenues increasing tenfold, assets under management rising to more than $2 billion, and the number of institutional clients increasing to nearly 1,000. The Series B round brings Sygnum's total funding to $120 million. The bank had previously raised $30 million.

Real estate giant Sun Hung Kai has recently become increasingly involved in the crypto and blockchain industry. On Wednesday, Sun Hung Kai became a significant partner of Sandbox, a large decentralized virtual gaming world and subsidiary of Animoca Brands. The company will collaborate with Sygnum on crypto product development to expand its fund management offerings.

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