The Swiss-based digital asset banking group Sygnum introduced as we speak (Thursday) it has achieved profitability within the first half of 2024, pushed by sturdy development throughout its core enterprise segments. The corporate additionally revealed plans for an growth into the European Union market in early 2025.
The crypto-focused financial institution reported substantial will increase in buying and selling volumes and lending actions in comparison with the identical interval final 12 months. Crypto spot buying and selling volumes doubled, whereas derivatives buying and selling surged by 500%. The corporate’s lending enterprise noticed mortgage volumes rise by over 360%, with the variety of purchasers utilizing Lombard loans practically doubling.
Sygnum’s consumer belongings below administration have grown to roughly $4.5 billion, supported by a consumer base approaching 2,000 institutional {and professional} traders. The corporate’s workforce has expanded to over 250 workers globally.
Martin Burgherr, Sygnum’s Chief Shoppers Officer
Martin Burgherr, Sygnum’s Chief Shoppers Officer, attributed the expansion partly to elevated institutional demand following the approval of Bitcoin and Ethereum ETFs earlier this 12 months.
“The approval and launch of Bitcoin and Ethereum ETFs have been a watershed second for the crypto sector this 12 months, resulting in a significant improve in demand for trusted, regulated publicity to digital belongings,” Burgherr said. ““That is additionally mirrored in Sygnum’s personal development, with our core enterprise areas seeing a big YTD improve in H1.”
Crypto Financial institution Plans EU Enlargement amid Market Rebound
As well as, Sygnum introduced plans to broaden its regulated footprint within the European Union. The corporate goals to open a brand new workplace and procure further licenses in Q1 2025, positioning itself for compliance with the upcoming Markets in Crypto-Property Regulation (MiCA).
“Sygnum has been energetic in Europe from launch and licenced in Luxembourg since 2022, one of many world’s main fund centres,” the corporate commented. “In Q1 2025, Sygnum will considerably broaden its regulated footprint through a brand new workplace and licences on the earth’s greatest single market.”
In recent times, Sygnum has additionally positioned a robust emphasis on acquiring a license in Singapore, asserting these plans since 2019. As a result of prolonged regulatory course of, it took a number of years, however in October of final 12 months, the digital financial institution lastly obtained a full license for crypto brokerage providers.
Sygnum additionally highlighted the expansion of its B2B partnerships, now serving over 20 banks and monetary establishments that collectively present crypto buying and selling entry to greater than a 3rd of the Swiss inhabitants. The corporate processes over 1,000 trades day by day by way of these partnerships, with practically all transactions executed through straight-through processing.
The financial institution’s current $40 million funding spherical, which valued the corporate at $900 million, has bolstered its core fairness capital to over $125 million. Earlier, the corporate raised $90 million in a Sequence B funding spherical.
Sygnum plans to leverage this capital to broaden its conventional securities providing and scale up its Sygnum Join community, aimed toward enhancing international crypto ecosystem connectivity.