The crypto firm Sygnum, which runs a digital-asset bank and trading platform, has announced that it raised $90 million in a funding round. The new funding brings the company’s valuation to $800 million.
The round was led by Sun Hung Kai & Co., which is one of the largest property developers in Hong Kong. Other investors included Animoca Brands and Canada’s Meta Investments.
Sygnum, which is headquartered in both Switzerland and Singapore, plans to use the new funding to develop offerings including yield-generating products and asset-management solutions for institutional clients. Sygnum’s products include regulated trading of cryptocurrencies, and they are pulling in this funding following a year that saw over $30 billion in crypto funding.
Mathias Imback is the co-founder of Sygnum and chief executive officer.
“The digital asset economy is rapidly crossing the chasm to mainstream adoption, where investors will demand fully-regulated solutions as they accelerate their exposure,” Imback said. “This financing round is a key milestone in our global expansion.”
Lee Seng Huang is executive chairman of Sun Hung Kai. He says that the company has a strategic vision focused on expanding its fund management offerings into digital assets.
“Amidst growing institutional demand and regulatory oversight of this sector, Sygnum, with its track record as a fully-regulated digital asset bank and asset manager, is the ideal partner for us to co-develop digital asset focused products together and to cater to the strong demand for digital asset solutions and services in Asia, Europe and beyond,” Huang said.
Sun Hung Kai has been focused on becoming more integrated into the crypto and blockchain industry, expressing increased interest in areas like NFTs and the metaverse.
Ethereum 2.0 Staking
In July 2021, Sygnum enabled its customers to use the company’s institutional-grade banking platform to stake ETH for Ethereum 2.0 in their existing wallets. The financial institution became the first bank to offer this service.
According to the company, the staking services are entirely integrated into its platform for increased security. Clients who use it could earn returns of up to 7%.
Sygnum has praised Ethereum as a fast-growing network, saying that staking is attractive for long-term investors.
Thomas Eichenberger is Sygnum’s Head of Business Units.
“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.”