Hong Kong Real Estate Giant Leads $90M Raise For Crypto Bank Sygnum

The Swiss Crypto Outfit Sygnum has been one of the targets of Sun Hung Kai, one of the largest and the most significant property developers in Hong Kong. As it continues to bet on Sygnum, an official statement was made this Thursday about the $90 million Series B deal they closed along with another investment firm in Hong Kong.

According to the executive chairman of Sun Hung Kai, Lee Seng Huang, their company is planning to invest more in digital assets like bitcoin revolution and expand its strategic vision even further in terms of investment and fund management offerings.

According to him, Sygnum has a fully regulated digital asset bank with an asset manager who keeps track of and manages its digital assets. This can be a great collaboration to co-develop digital assets-focused products catered to meet different digital asset solutions in Asia, Europe, and other countries.

The overall funding skyrocketed the consolidated revenues of Sygnum to$800 million, which is 10x higher since 2021. This raised capital will be used to expand their company around the world and create new products with different strategic investors. It is also dedicated to boosting the development of institutional-grade Web3 offerings like decentralized pools, staking services, and so much more. Needless to say, the company is also focusing on additional partnerships with different blockchain leaders, such as the Dfinity Foundation.

In this round, there were other prime players of the industry like Animoca Brands, WeMade, Meta Investments, SBI holdings, SCB 10X, and more.

Sun Hung Kai is gradually paving their way towards the crypto and blockchain industry, especially after the launch of the metaverse and NFTs. On Wednesday, according to some sources, they also sealed a partnership with The Sandbox, the leading virtual gaming world and the subsidiary of Animoca Brands.

Leave a Reply