(Bloomberg) — Sygnum, which runs a digital-asset bank and trading platform, raised $90 million in a funding round that valued it at $800 million, as venture capital firms pour record-shattering amounts of money into the crypto industry.
The financing was led by Sun Hung Kai & Co., and also included investors like Animoca Brands and Canada’s Meta Investments, according to a statement from Sygnum.
Sygnum, based in Switzerland and Singapore, plans to use the proceeds to develop new offerings including yield-generating products and asset-management solutions for institutional clients, the statement said.
As the crypto industry matures and institutional investors seek increasing exposure to the nascent asset class, startups are bolstering their offerings to meet those needs. Sygnum, whose products include regulated trading of numerous cryptocurrencies, raised money after a year in which venture capital poured about $30 billion into crypto — more than all previous years combined.
“The digital asset economy is rapidly crossing the chasm to mainstream adoption, where investors will demand fully-regulated solutions as they accelerate their exposure,” said Mathias Imbach, a Sygnum co-founder and its chief executive officer. “This financing round is a key milestone in our global expansion.”
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