Sygnum, the global digital asset banking group, has announced a profitable first half of 2024, driven by significant growth in various sectors of its business.
The company, which manages approximately $4.5 billion in client assets, doubled its crypto-spot trading volumes and saw a 500% increase in crypto-derivatives trading, as well as a significant increase in lending volumes of over 360% year-over-year. the date
We suck's institutional client base of over 2,000, supported by a growing team of over 250 professionals.
The company's core business has expanded activities, including the rise of daily trading facilitated by 20+ partner banks, allowing more than a third of the Swiss population to trade crypto through its main banks.
Additionally, Sygnum plans to expand its regulated footprint in Europe and Asia, with new offices and licenses planned in the European Union and Hong Kong in early 2025.
This expansion is in line with the upcoming MiCA regulation, which aims to standardize crypto-asset rules across the EU.
Sygnum is expanding its Sygnum Connect network, offering 24/7 instant settlement for fiat and crypto assets and expanding its traditional securities offering.
The company's latest $40 million raise brings its core equity capital to more than $125 million, valuing the business at $900 million.
“The adoption and launch of Bitcoin and Ethereum ETFs was an important moment for the crypto sector this year, increasing demand for reliable and regulated exposure to digital assets. This is also reflected in Sygnum's growth as our core business areas have seen significant YTD growth in H1.
We truly appreciate the continued trust of our customers, as it provides a launching pad for our rapid international expansion, development of new services, and expansion of our future initiatives for the crypto ecosystem.”
said Martin Burgherr, Sygnum's chief customer officer.
