The crypto industry has a new “unicorn” in the digital assets bank Sygnum, which has just closed a financing round of 58 million dollars.
The Zug, Switzerland and Singapore-based lender closed an oversubscribed “strategic growth round” led by BTC-focused venture capital firm Fulgar Ventures, according to an emailed announcement on Tuesday.
The round gave Sygnum “unicorn” status, the term for a privately held startup with a valuation of $1 billion or more. The round comes about a year after Sygnum acquired a $900 million valuation on the back of a $40 million raise.
Currently licensed in Luxembourg, Switzerland and Singapore, Sygnum plans to use the new capital to expand its access to the European market and launch a regulated presence in Hong Kong.
The bank plans to expand its product base with a focus on Bitcoin technology and pave the way for acquisitions.
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