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

Cryptocurrency bank Sygnum announced today that it has raised over $40 million in a strategic financing round led by Milan asset management company Azimut Holding, valuing the company at $900 million. This financing will enable Sygnum to further build a fully regulated solution to support increased investment in this asset class. Sygnum plans 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, said that Sygnum plans to enter one market in Europe and another in the Asia-Pacific region, but cannot disclose more details due to regulatory obligations. 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 customers in 60 countries.