- Japan’s SBI and Swiss Crypto Bank Sygnum team- up once again.
- SBI is investing an eight-figure total into Sygnum’s growth venture.
- The fund raised will go into expanding Sygnum’s range of services.
- Sygnum CEO, Gerald Goh is eager to work with stakeholders for further progress.
Japan’s SBI and Swiss Crypto Bank Sygnum have teamed up once again. SBI is investing an eight-figure sum in Sygnum. The bank holds a Swiss banking license and will soon extend its offers in Europe and Asia.
The two firms have worked together before in October 2020. They raised funds for a cryptocurrency investment opportunity in Singapore. This latest venture focuses on fundraising.
To be more specific, the Japanese financial services firm, SBI Holdings, will be leading a steady ongoing round to raise funds for Swiss crypto bank Sygnum. The venture aims to help Sygnum reach a wider Eurasian market.
Sygnum says this effort will bring in around $30 million in just the first six months. In turn, the funds will help the bank expand its assets, which now stands at over $500 million as of January 2021.
The funds raised from this round will go right into boosting Sygnum’s offers. These will include, commercializing secondary market trading facilities and tokenization platforms. As well as, expanding its present open banking API structure.
CEO and co-founder of Sygnum, Gerald Goh is happy about the strong start to the year. He also says that he is looking forward to working with stakeholders. Together they will innovate solutions, launch products, and provide their clients with regulated and secure services.