Swiss crypto-bank Sygnum raises $40M from Azimut

Sygnum has just completed a new financing round from 40 million dollars. The valuation from banking group based in Zurich and specialized in crypto reached 900 million dollars following the operation.

This Thursday, the Swiss banking player in crypto Sygnum has announced that it has raised $40 million in a financing round led by Italian venture capital firm Azimut Holding.

We are pleased to have led the fundraising of Sygnum’s strategic growth cycle at a time when demand for regulated and institutionalized cryptocurrency services is expected to leap in 2024″, commented Giorgio Medda, Azimut’s head.

The fresh capital will enable the Swiss financial institution to expand into more markets and broaden its range of products and services, according to the announcement. Former and new investors, whose identities were not revealed, also participated in the fundraising.

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Sygnum, which holds licenses in Switzerland and Singapore, now boasts over $4 billion in assets under custody for its more than 1,700 clients. Last summer, its deposits totalled around $3 billion.

By early 2022, the crypto-bank had closed a $90 million Series B at a valuation of $800 million. Last year, it entered into a partnership with Post Finance to help the Swiss Post financial organization offer crypto investment services.

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