Swiss crypto bank Sygnum bags $58m, reaches $1b unicorn status

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

Digital asset Swiss bank Sygnum has raised $58 million in a Strategic Growth Round, pushing its valuation to over $1 billion and making it a “unicorn.”

📣 News: Sygnum Completes $58M Strategic Growth Round, Reaches Unicorn Status with 1B Valuation https://t.co/2bZnlcM6TW

Sygnum announced that it has raised a total of $58 million in an oversubscribed Strategic Growth Round, giving it a post-money valuation of more than 1…

— Sygnum Bank (@sygnumofficial) January 14, 2025

In its announcement on January 14, the bank said that there was excessive demand for the financing round, in which Fulgur Ventures, a Bitcoin-focused venture capital company, took part as the main investor. Sygnum team members as well as new and existing investors participated in the financing. Mathias Imbach, Sygnum’s CEO, said reaching unicorn status was “a strong validation by the market of our business model, strategy and team.”

“While this is an achievement we are proud of, it will not change the values ​​of honesty and humility that have acted as our true north since day one, and the importance of always demonstrating trust without attitude.”

Mathias Imbach

With the financing, the bank plans to use the proceeds to expand its market presence in the EU/EEA and Hong Kong, develop Bitcoin services and grow its product offerings.

Founded in 2018, Sygnum claims to have seen massive growth in 2024, with revenues from trading products such as crypto spot and derivatives exceeding its total in the third quarter of 2024, with annual trades increasing by more than 1,000%.

In mid-December 2024, Sygnum published a research report outlining that many of the largest institutions have not yet entered the crypto ecosystem, suggesting that “further price appreciation opportunities will arise from the participation of these investors.” The Switzerland-based bank also believes that altcoins will not shine as brightly as Bitcoin, unlike previous bull runs. Sygnum says one of the main reasons for this is spot Bitcoin exchange-traded funds.