Crypto bank Sygnum now valued at $1 billion

Back in September 2019, Sygnum began working with institutional customers. Earlier that year, in March, the Swiss- and Singapore-based digital asset bank teamed up with Deutsche Börse AG and Swisscom to take advantage of DLT (distributed ledger technology) in a regulatory-compliant environment. The company was founded in 2018 and has recently received $58 million in a funding round that involved some of its employees but was led by the crypto-friendly venture capital firm Fulgur Ventures. The result is a valuation of $1 billion.

Founded in 2018, Sygnum was also registered to operate in Liechtenstein last September. The target for this year is to gain access to all markets in the European Union and the European Economic Area, alongside a launch in Hong Kong. Sadly, retail users are not in its crosshairs for the time being, as it will keep focusing on institutional users who trade crypto tokens and borrow against their digital portfolios.

According to Mathias Imbach, co-founder and group CEO, Sygnum has no plans to enter the US market for now, at least not using its own entities. However, he said that

"The U.S. developments for positive crypto market reform are, however, highly encouraging ... Sygnum is exploring other options to benefit from this trend and will update the market once these are sufficiently developed, for example, partnerships and M&A."

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