Cryptocurrency bank Sygnum completes over $40 million financing at a valuation of $900 million, led by Azimut Holding

ChainCatcher news, according to The Block, cryptocurrency bank Sygnum announced today that it has raised over $40 million in a mid-round financing led by Milan-based asset management company Azimut Holding, with a valuation of $900 million. This funding will enable it to further build a fully regulated solution to support investors in increasing their investments in this asset class. Sygnum intends to use the newly raised funds to drive the bank's expansion into new markets and further develop its regulated products, such as interbank digital asset services.

Gerald Goh, co-founder and CEO of Sygnum's Singapore branch, stated that Sygnum plans to enter one market in Europe and another in the Asia-Pacific region, but due to regulatory obligations, the company cannot disclose further details. According to the statement, Sygnum Bank, headquartered in Switzerland and Singapore, has also obtained operating licenses in Abu Dhabi and Luxembourg, and currently manages assets worth over $4 billion from more than 1,700 clients across 60 countries.