The company intends to use the proceeds to speed up the development of its new Web 3.0 offerings, including white-listed DeFi pools, staking services, and asset management solutions
Swiss digital asset technology group Sygnum has raised $90m in a Series B funding round that valued the company at $800m.
Led by Sun Hung Kai & Co., the investment saw participation from a combination of new and existing strategic investors, along with employees as personal investors.
The new investors have joined the co-founders, board members and management team as shareholders, who hold majority stake in the company.
Sygnum intends to use the proceeds to advance its new institutional-grade Web 3.0 offerings, including white-listed DeFi pools, staking services, and asset management solutions.
The funding will also be utilised for asset management solutions that enhance access to new, high-growth DeFi innovations, and new partnerships with blockchain ecosystems.
In addition, the fundraise will support expansion of the company’s offerings into new global markets, along with its Singapore hub’s operations.
Sygnum co-founder and CEO Mathias Imbach said: “The digital asset economy is rapidly crossing the chasm to mainstream adoption, where investors will demand fully-regulated solutions as they accelerate their exposure.
“This financing round is a key milestone in our global expansion and in our mission to empower everyone everywhere to own digital assets with complete trust.”
Sygnum is a digital asset bank, and a digital asset specialist, with a Swiss banking license and a Singapore asset management licence.
It provides bank-grade digital asset custody and fiat rails, spot and options trading, cryptocurrency-backed fiat loans, asset tokenisation solutions and B2B banking services.
Sygnum claimed that it has delivered a tenfold year-on-year increase in consolidated gross revenues in 2021, driven by its portfolio of regulated digital asset products and services.
In the same period, the company has grown its client base to nearly 1,000 financial institutions, banks, corporates and private investors, and its assets under administration to more than $2bn.
Sygnum Singapore co-founder and CEO Gerald Goh said: “Savvy digital asset investors are increasingly looking for novel opportunities in the frontiers of Web 3.0, including DeFi, NFTs, play-to-earn gaming and the metaverse.
“We look forward to partnering with our strong global network of strategic investors to expand our suite of fully-regulated digital asset offerings and solutions into these emerging verticals.”