Crypto Bank Sygnum Gets Unicorn Status With $58M Round

The crypto industry has a new “unicorn” in digital asset bank Sygnum, which has just closed a $58 million funding round.

The Zug, Switzerland and Singapore-based lender closed an oversubscribed “strategic growth round,” which was 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-owned startup with a valuation of $1 billion or more. The round comes around a year after Sygnum acquired a $900 million valuation on the back of a $40 million raise.

Sygnum, which is currently licensed in Luxembourg, Switzerland and Singapore, plans to use the new capital to expand its entry to the European market and initiate a regulated presence in Hong Kong.

The bank plans to expand its product base with a focus on Bitcoin technology and prepare the ground for acquisitions.