One cryptocurrency firm has reached an astonishing $800 million valuation, with a total market cap of almost $3 billion. The company is called Sygnum and it’s one of the leading firms in the crypto space. Can you guess which industry?
Sygnum is a company that provides cryptocurrency trading services. The company reached a valuation of $800 million in March 2019. Read more in detail here: future of cryptocurrency 2021.
Sygnum, a crypto business that operates a digital-asset bank and trading platform, has secured $90 million in a fundraising round. With the fresh capital, the company’s value has risen to $800 million.
Sun Hung Kai & Co., one of Hong Kong’s leading property developers, was the lead investor in the round. Animoca Brands and Meta Investments from Canada were among the other investors.
Sygnum, which has offices in both Switzerland and Singapore, wants to utilize the additional funds to expand its institutional customer offering, which will include yield-generating products and asset management solutions. Sygnum’s offerings include regulated cryptocurrency trading, and they’re raising money after a year in which the cryptocurrency market received nearly $30 billion in capital.
Mathias Imback is the chief executive officer and co-founder of Sygnum.
“The digital asset market is fast bridging the divide to mainstream usage,” Imback said, adding that as investors increase their exposure, they will expect fully-regulated solutions. “This fundraising round is a critical step in our worldwide growth,” says the company.
Sun Hung Kai’s executive chairman is Lee Seng Huang. He claims that the firm’s strategic ambition is to extend its fund management services to include digital assets.
“With its track record as a fully-regulated digital asset bank and asset manager, Sygnum is the appropriate partner for us to co-develop digital asset focused products together and to respond to the significant demand for digital asset solutions and services in Asia, Europe, and beyond,” Huang added.
Sun Hung Kai has been concentrating on deepening its involvement in the crypto and blockchain industries, indicating a growing interest in sectors such as NFTs and the metaverse.
Staking on Ethereum 2.0
In July 2021, Sygnum allowed its clients to stake ETH for Ethereum 2.0 in their current wallets using the company’s institutional-grade banking infrastructure. This service was offered for the first time by the banking institution.
The staking services, according to the business, are fully integrated into its platform for improved security. It has the potential to generate returns of up to 7% for those that utilize it.
Sygnum has lauded Ethereum as a rapidly expanding network, claiming that staking is appealing to long-term investors.
Sygnum’s Head of Business Units is Thomas Eichenberger.
“Ethereum staking is a key component of digital asset portfolios, which can now be accessed in a simple, safe, and regulated manner.” This broadens Sygnum’s portfolio of appealing, regulated yield-generating products to fulfill the demands of customers who want to earn more than just capital gain.”
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