- In the first half of 2024, Sygnum claimed turning a profit thanks to a 500% growth in trading in cryptocurrency futures and a more than 360% increase in loan volumes.
- After a $40 million investment round at a $900 million valuation, Sygnum currently has over $125 million in equivalent core equity capital and about $4.5 billion in customer assets.
Sygnum, a digital asset bank, announced on Wednesday that it had turned a profit after an impressive first half of operations.
Sygnum witnessed a two-fold increase in cryptocurrency spot trading, a 500% increase in cryptocurrency futures trading, and a more than 360% increase in lending volumes in the first half of 2024 compared to the same period the previous year.
The company stated that there has been a significant growth in the number of cryptocurrency transfers on Sygnum’s institutional-grade platform for each of its four main client segments: professional private investors, external asset managers and multi-family offices, crypto foundations and DLT companies, funds and hedge funds.
With the legalization of spot Ethereum ETFs in the United States, which do not yet offer staking yields, Sygnum’s Staking-as-a-Service product also saw significant growth, with its clients staking 42% of ether.
This year’s approval and introduction of Bitcoin and Ethereum ETFs marked a turning point for the cryptocurrency industry and significantly raised demand for dependable, regulated exposure to digital assets, according to Sygnum Chief Client Officer Martin Burgherr. Sygnum’s own growth reflects this as well; in H1, our core business segments had a notable YTD gain.
With a staff of more than 250 employees, the crypto bank serves a clientele of institutional and professional investors that numbers close to 2,000 worldwide. In June, Sygnum expanded to over 20 partner banks and financial institutions, allowing over a third of Swiss citizens to trade cryptocurrency through their primary banks and enabling over 1,000 trades daily, according to the company.
After a $40 million investment round at a $900 million valuation disclosed in January, Sygnum currently has over $125 million in equivalent core equity capital and about $4.5 billion in customer assets.
Plans for Sygnum’s global growth
In the first quarter of 2025, Sygnum intends to dramatically increase its MiCA-compliant regulated presence throughout the 30 nations that make up the European Union and European Economic Area. Sygnum already holds licenses in Switzerland and Luxembourg.
The European Union established the Markets in Crypto Assets (MiCA) comprehensive regulatory framework to standardize cryptocurrency regulations among its member states.
Through its fully regulated digital asset financial services platform in Singapore, which provides asset management, corporate advising, cryptocurrency custody, and brokerage, Sygnum also intends to grow throughout Asia. This covers the company’s stated advanced level of planning for regulated operations in Hong Kong. Additionally licensed in Abu Dhabi, Sygnum provides local access to a range of financial services governed by Swiss law.
The company continued by saying that it is using its recent expansion to invest in its infrastructure. This includes growing its traditional securities offering and scaling Sygnum Connect, a network that aims to make transactions in the global cryptocurrency ecosystem cheaper, faster, less hazardous, and more dependable.
Additionally, Sygnum has worked on tokenization initiatives with Fidelity International, Matter Labs, and Hamilton Lane. In 2024, Sygnum will also supply fund NAV data on-chain with Chainlink.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
