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Swiss-Singaporean bank Sygnum raised $58 million from investors, reaching a valuation of $1 billion and joining the ranks of “unicorn” companies.
The bank, which handles both traditional money and digital currencies like Bitcoin, now manages $5 billion in assets for 2,000 clients worldwide. Bitcoin-focused investment firm Fulgur Ventures led the funding round.
“Sygnum reaching unicorn status is a strong validation by the market of our business model, strategy and team,” said Mathias Imbach, Sygnum’s co-founder and group CEO. “We’re not a traditional bank coming from the fiat world. We are looking at the market from the digital asset space and then integrating it to traditional banking.”
The bank will use its new capital to expand into Hong Kong and European markets. A key focus will be strengthening its regulatory compliance and risk management systems. The company also plans to create new Bitcoin-based financial products as it forecasts Bitcoin’s surge in 2025.
“Sygnum’s market-tested infrastructure, digital asset-native team and global ecosystem makes them the ideal partner to co-develop innovative Bitcoin-related financial products and technologies,” said Oleg Mikhalsky, partner at Fulgur Ventures.
The latest funding follows Sygnum’s previous $40 million raise in January 2024, when it was valued at $900 million. Sygnum’s trading volume grew more than ten times compared to 2023. This growth came mainly from working with PostFinance and 20 other banks. The bank brought crypto services to over one-third of Swiss residents.
Sygnum differs from regular banks because it was created specifically for digital assets. It helps large investors and institutions trade crypto tokens and borrow against their crypto assets. The company serves offices in Switzerland, Singapore, Abu Dhabi, Luxembourg, and Liechtenstein.
“If your crypto assets are with us, they’re fully separated from our balance sheet,” Imbach explained. This means client funds remain protected even if the bank faces financial troubles.
More countries are now competing with Switzerland to become leaders in digital banking. Imbach believes this competition should push Switzerland to grow. “Switzerland [must not] ignore the importance of continuous innovation in the financial sector and to continue to attract talent and capital to remain relevant in the long-term,” he says.
The success of Sygnum suggests that the future of banking may increasingly blend Bitcoin and traditional financial services, all within a regulated framework that protects client interests.
