Back in September 2019, Sygnum started offering services to institutional clients. Earlier that same year, in March, this digital asset bank, which operates in both Switzerland and Singapore, partnered with Deutsche Börse AG and Swisscom to leverage distributed ledger technology (DLT) within a regulatory framework. Established in 2018, Sygnum has recently raised $58 million in a funding round led by Fulgur Ventures, a venture capital firm supportive of cryptocurrency, with participation from some employees. This funding has pushed the company’s valuation to $1 billion.
Expanding Reach in Europe
Sygnum, founded in 2018, received registration to operate in Liechtenstein last September. This year, the firm aims to access markets across the European Union and the European Economic Area while also planning a launch in Hong Kong. Unfortunately, retail customers are not the focus for now; Sygnum intends to concentrate on institutional clients who engage in crypto trading and utilize their digital assets as collateral for loans.
Future Plans and Market Strategies
Mathias Imbach, the co-founder and group CEO, mentioned that Sygnum is not looking to enter the U.S. market at this time, at least not with its own entities. However, he expressed optimism about developments in the U.S. that suggest positive reforms in the crypto market. He stated, “The U.S. developments for positive crypto market reform are, however, highly encouraging… Sygnum is exploring other options to benefit from this trend and will update the market once these are sufficiently developed, for example, partnerships and M&A.”
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