Japan's SBI Investing 'Eight-Figure' Sum in Swiss Crypto Bank Sygnum

SBI Holdings, a Japanese financial services firm, is to lead an ongoing strategic fundraising round for Swiss digital asset bank Sygnum.

Sygnum, which holds a Swiss banking license, said Tuesday it has secured an “eight-figure” U.S. dollar investment from SBI's subsidiary, SBI Digital Asset Holdings, which will be used to help the firm grow its client base and expand into new markets across Europe and Asia.

The firm, which has bases in Switzerland and Singapore, said the fundraising effort will have brought in investment of around $30 million over the past six months, helping the firm grow its assets under administration, which stood at over $500 million as of January 2021.

Coming as the company prepares for a possible public offering, the capital raised will also go toward increasing Sygnum’s range of custody offerings, commercializing its tokenization platform and secondary market trading facility, as well as expanding its open banking API infrastructure.

Read more: Japan’s SBI in Talks Over Joint Venture to Make Crypto a Core Revenue Source

“With this strong start to 2021, we look forward to working with our stakeholders to continue innovating new solutions, launching new products, and ultimately providing our clients the ability to participate in the fast-growing digital assets opportunity in a safe, convenient, and fully-regulated manner,” said Gerald Goh, the co-founder and CEO of Sygnum Singapore.

The two firms have had a business relationship since last October, when they launched a fund in Singapore focused on early-stage cryptocurrency investment opportunities.