Sygnum's $1 Billion Valuation Signals Crypto Industry Revival

Crypto bank Sygnum has reached a $1 billion valuation after raising $58 million in a new funding round supported by Fulgur Ventures and other investors. The company is expanding its European and Asian markets amidst a recovering crypto industry, while exploring future opportunities for growth.

Sygnum, a crypto-focused bank, recently achieved a $1 billion valuation following a successful $58 million funding round. This round saw participation from bitcoin-focused venture capital firm Fulgur Ventures, along with existing and new investors, including some of Sygnum's own employees.

This development marks a significant recovery for the crypto industry, which is witnessing renewed investor confidence after being affected by tighter monetary policies and the high-profile collapse of FTX. Sygnum, headquartered in Zurich and Singapore, offers services like crypto trading, digital asset custody, and interest earnings on crypto assets to institutional clients.

With its recent registration in Liechtenstein, Sygnum aims to extend its reach across the European Union and European Economic Area by the end of this year. The fresh capital will aid in expanding the company's European footprint, with plans to launch in Hong Kong and invest in infrastructure and new products. Co-founder and CEO Mathias Imbach noted that while the company has no immediate plans for U.S. expansion, it remains open to collaborations to capitalize on potential positive regulatory reforms.

(With inputs from agencies.)