Crypto Bank Sygnum Valued at Almost $800 Million Following Latest Fundraiser (Report)
Sygnum achieved a valuation of $800 million following a $90 million funding round led by Sun Hung Kai & Co.
Sygnum Bank – a company that runs a digital asset bank and trading platform – reportedly finalized a $90 million funding round. Following the initiative, the firm reached a valuation of $800 million.
Syngum’s First Crypto Steps in 2022
According to a January 6 report by Bloomberg, the fundraise was led by Sun Hung Kai & Co. – a leading investment entity based in Hong Kong. Additional investors such as Animoca Brands and Canada’s Meta Investments also participated.
Headquartered both in Switzerland and Singapore, Sygnum intends to use the proceeds to develop new opportunities for its customers. These include yield-generating products and asset-management solutions for institutional clients.
Speaking on the matter was Mathias Imbach – Co-Founder and Chief Executive Officer of Sygnum:
“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.”
Sygnum is not the only crypto-related firm that raised a funding round in the first days of 2022. Yesterday, OpenSea – the leading NFT marketplace – closed a $300 million investment led by Coatue and Paradigm. As a result, the former achieved a valuation of more than $13 billion.
Sygnum Offers Ethereum 2.0 Staking
In July last year, the financial institution enabled its customers to use its institutional-grade banking platform to stake ETH for Ethereum 2.0 from their existing wallets. By doing so, Sygnum became the first bank to offer such a service.
The company informed that staking services are entirely integrated into its platform, highlighting increased security. Clients who employ the solution may be able to earn returns of up to 7%, the bank added.
Further to that, Sygnum praised Ethereum as a fast-growing network, and as such, staking comes as an attractive option for long-term investors seeking to generate profits. The bank’s Head of Business Units – Thomas Eichenberger – commented:
“Ethereum is the second-largest blockchain protocol, and Ethereum staking is a core element for digital asset portfolios, which can now be accessed in a convenient, secure, and regulated setting. This further expands Sygnum’s offering of attractive, regulated yield generating products to meet the needs of clients to accumulate other forms of return in addition to capital appreciation.”News Source