Swiss cryptocurrency bank Sygnum has raised nearly $60 million in a strategic growth round as it plans further regional expansion.

Digital assets Swiss Sygnum Bank raised $58 million in a strategic growth round, taking its valuation to over $1 billion and making it a “unicorn.”

The bank said in Announcement January 14 The funding round was oversubscribed, with Fulgur Ventures, a Bitcoin-focused venture capital firm, as the lead investor. New and existing investors, along with members of the Sygnum team, also participated in the financing. Reaching unicorn status is “a strong validation from the market of our business model, strategy and team,” said Mathias Embach, CEO of Signum.

“While it is an achievement we are extremely proud of, it will not change the values ​​of integrity, humility, and the importance of demonstrating confidence without attitude at all times, which have been our True North since day one.”

Matthias Embach

Through this financing, the bank plans to use the proceeds to expand its market presence in the EU/EEA and Hong Kong, as well as improve its Bitcoin services and grow its product offering.

Founded in 2018, Sygnum claims to have seen significant growth in 2024 as revenue from trading products such as spot crypto and derivatives surpassed the 2024 total in the third quarter, while year-over-year trading increased by more than 1,000%.

In mid-December 2024, Sygnum released a Research reportexplaining that most major institutions have not yet entered the cryptocurrency ecosystem, indicating that “the opportunity to further the sharp rise in prices comes from the participation of these investors.” The Swiss-based bank also believes that altcoins, contrary to the previous bull trend, will not shine as much as Bitcoin. One of the main reasons is Bitcoin exchange-traded funds, Signum says.