Global digital asset banking group, Sygnum has raised $58M in its just completed strategic funding round. In a blog post on Tuesday, Sygnum confirmed the development stating that the funds will be used for expansion.
The cornerstone investor of Sygnum strategic round was Fulgur Ventures, a renowned Bitcoin-focused venture capital firm. Similarly, both new and old investors including the banking group team also participated in the funding round.
It is worth noting that proceeds from the strategic funding rounds will be used to drive Sygnum expansion into the European Union and Hong Kong market. Also, part of the fund will be used to broaden its institutional infrastructure.
Going further, Sygnum plans to grow its product portfolio with a focus on Bitcoin technology. This is to facilitate opportunities for strategic acquisition as the market continues to develop. Similarly, other investments would be made to support the firm’s organizational and operational resilience, compliance teams, and cutting-edge risk management.
Meanwhile, the announcement also revealed that the Sygnum funding round was oversubscribed, bringing up its total net value to $ 1 billion, thus achieving a unicorn status. This development, as revealed was driven by the firm’s multi-year core business growth.
Sygnum attains Unicorn Status
The Co-Founder of Sygnum and Group CEO, Mathias Imbach gave his insight into the development. According to him, attaining a unicorn status signifies market acceptance of the firm’s business model, strategy, and team. He added that this achievement won’t affect Sygnum productivity, value and integrity.
Similarly, Fulgur Ventures Partner, Oleg Mikhalsky also reacted to the development. According to him, as a venture capital, Fulgur would continuously drive investment into the accelerating convergence of Bitcoin and institutional financial markets. The exec further that Sygnum’s market-tested infrastructure and global ecosystem make it an ideal partner for co-developing innovative Bitcoin financial products. Mikhalsky added that the venture capital firm is proud to be the cornerstone investor of Sygnum’s Strategic funding round.
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