Crypto Bank Sygnum Becomes a Unicorn Company

Sygnum, a digital asset bank based in Zug, Switzerland and Singapore, has just completed a successful funding round of $58 million, making it a new “unicorn” in the crypto industry.

The round, oversubscribed and led by BTC-focused venture capital firm Fulgar Ventures, has given Sygnum a valuation of over $1 billion. This comes just one year after their previous funding round, which gave them a valuation of $900 million.

The funds will be used by the bank, which is currently licensed in Luxembourg, Switzerland, and Singapore, to expand into the European market and establish a regulated presence in Hong Kong.

Sygnum also plans to diversify its product offerings, with a focus on Bitcoin technology, and explore potential acquisition opportunities.