Global crypto bank Sygnum has revealed it has secured $40 million in funding, $5 million more than it was anticipating, after recording positive cash flow and financials in the final quarter of last year.
The extra funding enables the bank to capitalize on the current favorable regulatory climate, expanding its offerings to attract a broader customer base.
Crypto Bank Sygnum Intends to Expand Crypto Operations with Funding
According to a recent report, Sygnum secured $40 million in a termed strategic growth round. The funds will be used to facilitate the global expansion of its crypto services:
“Proceeds from this financing round will be used to expand Sygnum’s geographic reach into new markets and accelerate the development of Sygnum’s fully regulated products such as its B2B (bank-to-bank) platform, which now powers the crypto offering of over 15 banks and financial institutions globally.”
Recently, Sygnum received approval from Singapore’s financial regulators to commence operations as a crypto firm in the country.
In October 2023, BeInCrypto reported that the Sygnum Singapore branch secured a license from the Monetary Authority of Singapore (MAS) to run a crypto brokerage.
Read more: How To Fund Innovation: A Guide to Web3 Grants
The news of the large funding comes amid positive results in the crypto industry in recent times.
On January 10, the crypto industry achieved a monumental regulatory victory in the United States. On this day, the Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded fund (ETF) applications.
The industry response was positive, anticipating increased mainstream adoption of digital assets.
Increase in Crypto Funding
However, in December 2023, BeInCrypto reported that there had been a significant uptick in venture capital funding in the crypto market the previous month.
Read more: 11 Best Altcoin Exchanges for Crypto Trading in January 2024
Furthermore, according to DeFiLlama, crypto venture funding increased by 52% in November from October levels.
Meanwhile, $467.6 million was raised by web3 firms in November, compared to $307.7 million in October.
However, November’s figure, while still significantly down from bull market highs, was the highest VC funding has been for six months.
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