Sun Hung Kai leads Series B for Singapore digital asset bank
Sygnum, a Singapore and Switzerland-based digital asset bank, has raised a Series B of USD 90m - at a post-money valuation of USD 800m - led by Hong Kong-based investor Sun Hung Kai & Co.
Additional contributions came from Canada's Meta Investments, Hong Kong-based gaming start-up and VC investor Animoca Brands, and South Korean video game developer Wemade. Existing investors SBI Holdings and SCB 10X, a digital investment arm of Thailand's Siam Commercial Bank, re-upped.
Sygnum's gross revenue increased tenfold in 2021, while the company's institutional client base is nearing 1,000, and its assets under administration amount to more than USD 2bn, according to a statement.
The Series B will accelerate the development of new products for the Web 3.0 environment, characterized as a decentralized, user-focused, and immersive online experience. Areas of interest include decentralized finance (DeFi) applications, non-fungible tokens (NFTs), play-to-earn gaming, and the metaverse, said Gerald Goh, Sygnum's co-founder and CEO in Singapore.
There are also plans to expand into new markets and distribute products in collaboration with strategic investors. Lee Seng Huang, group executive chairman of Sun Hung Kai & Co, said that his firm is keen to enter the digital asset fund management space. It will work Sygnum on such initiatives.
Founded in 2018, Sygnum has a Swiss banking license and a Singapore asset management licence. It provides a fully-regulated suite of integrated digital asset financial products and services. These include digital asset custody and fiat rails, spot and options trading, cryptocurrency-backed fiat loans, digital asset-focused asset management products, and asset tokenization solutions.
In addition to regulated trading for Bitcoin, Ethereum, Litecoin, Ripple and other leading cryptocurrencies, Sygnum also offers access to a range of DeFi tokens including Uniswap, Chainlink, and Polygon. A DeFi investment strategy launched in December.
“The digital asset economy is rapidly crossing the chasm to mainstream adoption, where investors will demand fully-regulated solutions as they accelerate their exposure. This financing round is a key milestone in our global expansion and in our mission to empower everyone everywhere to own digital assets with complete trust," said Mathias Imbach, Sygnum's co-founder and group CEO.
In late 2020, SBI Ven Capital, an investment arm of SBI Holdings, teamed up with Sygnum to launch an early-stage fund focused on digital assets across Southeast Asia and Europe. The fund has a target size of USD 50-75m.
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