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Crypto Bank Sygnum Gets Unicorn Status With $58M Round

Cointime Official

From coindesk By Jamie Crawley| Edited by Parikshit Mishra

What to know:

  • Crypto bank Sygnum has closed a $58 million funding round giving it a valuation of over $1 billion and thus acquiring "unicorn" status.
  • The round was led by BTC-focused venture capital firm Fulgar Ventures.

The crypto industry has a new "unicorn" in digital asset bank Sygnum, which has just closed a $58 million funding round.

The Zurich, Switzerland and Singapore-based lender closed an oversubscribed "strategic growth round," which was led by BTC-focused venture capital firm Fulgar Ventures, according to an emailed announcement on Tuesday.

The round gave Sygnum "unicorn" status, the term for a privately-owned startup with a valuation of $1 billion or more. The round comes around a year after Sygnum acquired a $900 million valuation on the back of a $40 million raise.

Sygnum, which is currently licensed in Luxembourg, Switzerland and Singapore, plans to use the new capital to expand its entry to the European market and initiate a regulated presence in Hong Kong.

The bank plans to expand its product base with a focus on Bitcoin technology and prepare the ground for acquisitions.

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