Crypto bank Sygnum gathers $90M worth of revenue

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Sun Hung Kai reportedly grew to become the largest vendor of new residences in Hong Kong in January 2022.

Sun Hung Kai, one of the largest property developers in Hong Kong, continues making a bet on the cryptocurrency industry by investing in Swiss crypto outfit Sygnum.

Sygnum officially announced Thursday that it closed a $90 million Series B spherical led via Sun Hung Kai, an actual property large and alternative funding association in Hong Kong.

According to Sun Hung Kai’s team govt chairman Lee Seng Huang, the organisation has a strategic imaginative and prescient way to enlarge its fund administration choices into digital assets.

“Amidst growing institutional demand and regulatory oversight of this sector, Sygnum, with its music document as a fully-regulated digital asset bank and asset manager, is the perfect accomplice for us to co-develop digital asset centered products collectively and to cater to the robust demand for digital asset solutions and offerings in Asia, Europe and beyond,” he said.

The funding spherical brings Sygnum’s post-money valuation to $800 million, marking a tenfold surge in consolidated revenues from 2021.

The raised capital ambitions to assist the Swiss organisation increase around the world, create new products in collaboration with strategic buyers as nicely as speed up the development of new institutional-grade Web 3 offerings like decentralised finance swimming pools and staking services, as properly as extra partnerships with blockchain ecosystems like the Dfinity Foundation.

Other large investors in the sphere included non fungible token (NFT) agencies like Animoca Brands and Wemade, Canadian funding firm Meta Investments, as well as present strategic traders such as SBI Holdings and Siam Commercial Bank’s digital funding arm, SCB 10X.

Sun Hung Kai has been increasingly shifting into the crypto and blockchain enterprise recently, expressing particular pastime in the metaverse and NFTs. On Wednesday, Sun Hung Kai grew to become a fundamental accomplice of the Sandbox, an essential decentralised gaming virtual world and subsidiary of Animoca Brands.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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