The cryptocurrency industry has a new “unicorn” in digital asset bank Sygnum, which just closed a $58 million financing round.
The Zug, Switzerland and Singapore-based lender 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, the term for a privately held startup with a valuation of $1 billion or more. The round comes about a year after Sygnum gained a $900 million valuation thanks to a $40 million raise.
Sygnum, which is currently licensed in Luxembourg, Switzerland and Singapore, plans to use the new 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 by focusing on Bitcoin technology and pave the way for acquisitions.
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