The Swiss crypto bank closed a fundraising round by winning a major investment from SBI. The Japanese investor has big plans in digital assets.
The Tokyo-based company is investing double-digit million sum in Sygnum, the Zurich-based crypto bank said in an emailed statement. SBI is the lead investor is the latest fundraising at the fledgling Swiss bank, which has hoovered up $30 million in the last six months.
Sygnum, which said it oversees $500 million in client or custody assets, plans to use the finding to broaden its client base and expand in new European and Asian markets. It also plans to launch new products and services, like institutional-grade custody features and new asset management products.
Copious Swiss Tracks
The two firms began cooperating four months ago with plans for a fund identifying digital asset investments. Sygnum in December laid the groundwork for a public listing by tokenizing its own shares. The Japanese financial firm views digital assets and security tokens as one of the most important innovations in finance in recent years.
As a result, SBI has already left copious tracks in Switzerland: it began cooperating with Swiss exchange operator SIX in December to build a Singapore liquidity hub for digital assets. It is also invested in Stuttgart's digital exchange and is building a crypto exchange in Osaka with Sumitomo Mitsui Bank.
