Crypto Bank Sygnum Raises $58M, Reaches $1B Unicorn Status

Sygnum, a digital asset bank based in Zurich, Switzerland, and Singapore, has achieved “unicorn” status after closing a $58 million funding round. The round, which was oversubscribed, was led by the BTC-focused venture capital firm Fulgar Ventures, according to a Tuesday announcement.

📣 News: Sygnum Completes USD 58m Strategic Growth Round, Achieves Unicorn Status with 1bn valuation https://t.co/2bZnlcM6TW

Sygnum announces it has raised a total of USD 58 million in its oversubscribed Strategic Growth Round, giving it a post-money valuation of more than 1…

— Sygnum Bank (@sygnumofficial) January 14, 2025

The new funding round boosts Sygnum’s valuation to over $1 billion, officially designating it a unicorn. The milestone comes just a year after the bank raised $40 million, bringing its valuation to $900 million.

Sygnum’s Expansion Plans Growth

Sygnum, licensed in Luxembourg, Switzerland, and Singapore, plans to use the funds to expand its presence in Europe further and establish a regulated operation in Hong Kong. The bank has experienced significant growth since its founding in 2018.

Moreover, by the third quarter (Q3) of 2024, Sygnum’s revenue from trading products like crypto spot and derivatives exceeded the previous year’s total revenue. The bank also increased its annual trading volume by more than 1,000%. Sygnum plans to expand its product range, emphasizing Bitcoin technology and is preparing for potential acquisitions.

Mainstream Adoption of Stablecoins

Sygnum’s growth reflects its outlook on the crypto market, as detailed in its December 2024 research report. The bank pointed out that many of the largest institutional players have yet to enter the market, creating a significant opportunity for price increases once they do. Sygnum also forecasts that Bitcoin, rather than altcoins, will spearhead the next market rally, fueled partly by the rising popularity of Bitcoin spot exchange-traded funds.

Furthermore, Sygnum also anticipates mainstream adoption of stablecoins in 2025. With the total stablecoin market cap surpassing $200 billion and USDT leading at approximately $137 billion, the bank notes the limited use cases for stablecoins. Most of their volume stems from crypto trading on exchanges.