SBI Made a Big Investment in Swiss Crypto Bank SygnumFebruary 18, 2021
SBI Digital Asset Holdings, the crypto-focused subsidiary of Japanese conglomerate SBI Holdings, has invested a “six-figure USD” sum in Sygnum, a Swiss digital asset bank.
Announced on Thursday, the investment came as a part of the Swiss bank’s ongoing funding attempts with which it raised $30 million in the past six months. The exact amount received from the Japanese company, however, was not disclosed.
“We are very pleased to welcome SBI Group as a trusted Sygnum shareholder and strategic partner,” Mathias Imbach, Sygnum’s co-founder and group CEO, said in a statement.
SBI, which has close ties with other crypto companies like Ripple, already had a relationship with Sygnum as the two launched a venture fund last October.
Many Growth Opportunities of a Crypto Bank
The proceeds from the investment will go towards expanding the bank’s client base and also in expanding its geographical presence in Europe and Asia.
Sygnum became one of the first two crypto banks to receive a license in Switzerland in 2019 and later expanded its base to Singapore. Its offerings are targeted to private qualified and institutional investors, banks, and other financial institutions, and now has over $500 million in asset under management.
The funding capital will also go towards growing its products and services. The Swiss crypto bank is now planning to commercialize its tokenized platform and expand the range of its crypto custodian services.
Furthermore, Sygnum will expand its open banking API infrastructure and introduce new asset management products like digital asset options.
“One of SBI’s growth strategies revolves around building a vibrant global ecosystem for the digital asset economy, and we are pleased to have Sygnum – with its digital product offering and expertise in Europe and Asia – as a strategic partner in this journey,” said Yoshitaka Kitao, CEO of SBI Holdings and chairman of SBI Digital Asset Holdings.
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