Swiss digital asset banking group Sygnum has raised $58 million in an oversubscribed strategic growth round, pushing its valuation above $1 billion.
BitcoinVenture capital firm Fulgur Ventures led the final closing as a cornerstone investor, joining new and existing strategic investors along with Sygnum team members.
In particular, the co-founders, the board, and the team members hold majority ownership.
The banking group will manage more than $5 billion in total client assets, with transaction volumes increasing more than 1,000% year over year in 2024, according to a statement shared with Decryption. This was achieved through Sygnum's partnership with PostFinance, which began in April 2023, the statement says.
Despite these milestones, Sygnum co-founder and group CEO Mathias Imbach believes that Switzerland, on a broader level, is “losing ground to other jurisdictions. “
This means that the country should not “neglect the importance of continuous innovation in the financial sector,” said Imbach.
The growth round will fuel Sygnum's expansion into EU/EEA markets and launch its regulated presence in Hong Kong. The company said it plans to expand its institutional infrastructure and expand its Bitcoin-focused product portfolio, as demand for regulated crypto services continues to grow.
Last July, Sygnum launched its 24/7 multi-asset settlement network, Sygnum Connect, in partnership with digital asset exchange AsiaNext and leading broker Hidden Road.
Subsequently, the company also introduced Sygnum Protect, which allows institutional clients to trade on major crypto exchanges while maintaining collateral in bank-grade custody.
“About Courage Without Vision”
Achieving unicorn status with its latest round is both a “strong confirmation” of Sygnum's strength and a sign for the bank to continue to show “unprecedented courage,” Imbach said.
In June 2023, Swiss authorities seized $26 million in crypto assets held at Sygnum Bank by the operators of the collapsed Terraform Labs crypto project. This doubled the previous estimates of former Terraform Labs CEO Do Kwon's earnings.
The seizure followed the $40 billion bust at Terraform Labs in May 2022, which led to multiple fraud charges and Kwon's arrest in Montenegro on passport falsification charges while on the run to Dubai.
As 2025 opened, Do Kwon pleaded not guilty to US charges after the fall of Terra. His criminal trial was set for 2026 after he extradited to the US
Sygnum did not immediately return Decryptionrequest for comment.
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Source: https://decrypt.co/300837/swiss-crypto-bank-sygnum-joins-unicorn-club-with-58-million-growth-round
