SBI is investing a whopping $30 million in the Swiss and Singapore based crypto bank Sygnum.
SBI is set to undertake a key role in developing strategic fundraising for the digital assets bank Sygnum. Built on Swiss and Singapore heritage, Sygnum is rated trustworthy among its customers due to the company’s ability to provide a trusted avenue for clients to invest in the digital asset economy. Sygnum recently declared that the company has been able to acquire a whopping “eight-figure” United States dollar investment from SBI Digital Asset Holding a minor of the Japanese-owned financial service organization SBI Holdings, Inc.
SBI Digital Asset Holdings in accordance with the announcement will be utilized to aid Sygnum to gain a wider spread of its services into new markets around the world especially in Europe and Asia, and support in rapidly growing the company’s customer base.
Sygnum will have the opportunity to open profit for its tokenization platform, broaden its scope for custody offerings and acquiring a fresh market trading facility. The opportunity presented to the digital assets bank will basically come from the capital which was gained from the fundraising with respect to the company’s preparations towards a potential public offering.
Sygnum in a statement said, over the past months, dedication put into the fundraising has seen an inflow of investment of about 30 million US dollars, which is a great plus to the company in growing its assets that at the beginning of the year 2021 stood at 500 million US dollars.
Sygnum believes the fundraising will also aid in enlarging its open banking API infrastructure. The CEO and co-founder of Sygnum Singapore, Gerald Goh in an interview said they are focusing on connecting with stakeholders and working with them to provide better services and continue creating solutions. Goh added that they are also seeking to work with stakeholders to bring out a new product, and eventually give their customers the opportunity to partake in the booming digital assets opening in a secure, highly regulated, and in suitable way.
SBI and Sygnum’s bonding begun in October last year when Sygnum Pte Ltd and SBI Ventures Singapore Pte Ltd came together to launch an early-stage fund investing in digital asset opportunities across Southeast Asia and Europe. The aim of the opening was to aid clients on the financial market infrastructure and aid in developing enterprise solutions. Since then the two companies have had a good business relationship.
Other news from the business world can be found here.
next