SCB 10X Participates in Series B of Sygnum, the World’s First Digital Asset Bank, Paving the Way for a Borderless Future with Decentralized Web 3.0 Offerings for Institutional Investors
SCB 10X continues to invest in high-potential technology startups globally. Recently, SCB 10X announced a follow-on investment in the world’s first digital asset bank “Sygnum”, a digital asset technology group with a Swiss banking license and a capital market services (CMS) license from Singapore. SCB 10X co-invested in Sygnum’s Series B fundraising with a group of leading global investors led by Sun Hung Kai & Co. Limited (SEHK: 86), SBI Holdings, Meta Investments, Animoca Brands and WeMade. The round gives Sygnum a post-money valuation of around $800 million, underpinned by a tenfold increase in consolidated gross revenue in 2021, an institutional client base now approaching 1,000 and assets under administration reaching over $2 billion. dollars. Sygnum’s Series B round product will accelerate the development of digital asset services for institutional clients, including new institutional-grade Web 3.0 offerings, expansion into new global markets, and co-creation and distribution of products with strategic investors. SCB 10X made its first investment in Sygnum in 2020.
By sharing the exciting news, SCB 10X Chief Venture and Investment Officer Mukaya (Tai) Panich commented: “SCB 10X is focused on investing in disruptive tech startups around the world. Future financial technologies such as Blockchain, Digital Asset and DeFi are key areas of focus in the digital asset space. which we need to explore. DeFi in particular, has seen very rapid growth and widespread adoption over the past year. With this new funding round, Sygnum will expand its offerings to include institutional-grade Web 3.0 solutions, such as services staking and whitelisted DeFi yield generation products to its customer base to show its continued support for Sygnum, which has been recognized as a leading integrated digital asset service provider with global reach, in its raising of Series B funds.”
“The digital asset economy is rapidly crossing the chasm of mainstream adoption, where investors will demand fully regulated solutions as they accelerate their exposure. This funding round is a key step in our global expansion and in our mission to empower everyone, everywhere to own digital assets with confidence,” said Mathias Imbach, co-founder of Sygnum and CEO of the group.
About SCB 10X
SCB 10X Co., Ltd. is a holding company of the SCB Group, and was established in January 2020 with a “moon mission” to achieve exponential growth through technological innovation and investment through its three branches: Venture Builder, Venture Capital and Strategic Investment & Partnership. Under the SCB 10X umbrella are all of SCB’s technology companies, namely Digital Ventures, SCB Abacus, Monix and Purple Ventures, as well as technology companies or investments in SCB’s future business pipeline. For more information, please visit www.scb10x.com or contact: [email protected]
Sygnum is the world’s leading digital asset bank and a global digital asset specialist. With the Swiss banking license of Sygnum Bank AG, as well as the Capital Market Services (CMS) license of Sygnum Pte Ltd. in Singapore, Sygnum enables qualified institutional and private investors, corporations, banks and other financial institutions to invest in the digital asset economy. in complete confidence. Sygnum operates an independently controlled, scalable and scalable regulated banking platform. Our interdisciplinary team of experts in banking, investment and distributed ledger technology (DLT) shapes the development of an ecosystem of trusted digital assets. The company is founded on Swiss and Singaporean heritage and operates globally. To learn more about Sygnum, please visit www.sygnum.com.