TechFlow news, according to The Block, cryptocurrency bank Sygnum has announced securing over $40 million in a strategic funding round mid-campaign led by Milan-based asset management firm Azimut Holding, valuing the company at $900 million.
A statement shared by the company said the amount raised exceeded its $35 million target. The funding will enable Sygnum to further build a fully regulated suite of solutions supporting increased investor exposure to this asset class. Sygnum plans to use the newly raised capital to expand into new markets and further develop its regulated offerings, such as interbank digital asset services. Gerald Goh, Co-Founder and CEO of Sygnum Singapore, said the bank intends to enter one market in Europe and another in the Asia-Pacific region, though it cannot disclose further details due to regulatory obligations.
The statement added that Switzerland- and Singapore-headquartered Sygnum Bank has also obtained operating licenses in Abu Dhabi and Luxembourg, and currently manages over $4 billion in assets for more than 1,700 clients from 60 countries.
