The cryptocurrency industry has a new “unicorn” in digital asset bank Sygnum, which just closed a $58 million funding round.
The Zug, Switzerland and Singapore-based bank 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, a term that refers to a privately held startup valued at $1 billion or more. The round comes about a year after Sygnum received a $900 million valuation On the back of an increase of $40 million.
Sygnum, currently licensed in Luxembourg, Switzerland and Singapore, plans to use the fresh capital to expand its entry into the European market and start 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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