Japanese financial conglomerate SBI Holdings led the current round of investments by Swiss digital asset bank Sygnum. In total, the bank raised more than $30 million in six months.
Sygnum, which holds a Swiss banking license, said it received an “eight-figure” investment in US dollars from SBI’s subsidiary, SBI Digital Asset Holdings. The funds will be used to expand the customer base and enter new markets in Europe and Asia.
The financial services company, with offices in Switzerland and Singapore, said the fundraising effort had generated an investment of about $30 million over the past six months. This will help Sygnum increase the amount of assets under management, which exceeded $500 million as of January 2021.
As the bank prepares for a possible public offering, the capital raised will be used to expand the range of Sygnum’s depository offerings, commercialize its tokenization platform and secondary market trading platforms, and expand the Open banking API infrastructure.
“With a solid start in 2021, we look forward to working with our partners to continue building new solutions, launching new products, and ultimately enabling our customers to participate in the fast – growing digital asset industry in a safe, convenient, and fully regulated environment,” said Gerald Goh, Co-founder and CEO of Sygnum Singapore.
Recently, SBI has announced several projects related to cryptocurrencies and blockchain. Recently, it became known that the Japanese financial conglomerate is in talks with foreign financial firms to create a joint company focused on cryptocurrencies.
In addition, earlier this month, SBI Holdings and Sumitomo Mitsui Financial Group (SMFG) said they would launch a blockchain-based digital securities exchange in Osaka in spring 2022 to compete with the Tokyo Stock Exchange.