Global digital asset banking group, Sygnum, has announced that it will achieve profitability in the first half of 2024, driven by significant growth across various areas of its business.
The firm, which manages approximately $4.5 billion in client assets, has seen its crypto spot trading volume double, crypto derivatives trading grow by 500%, and lending volume increase by over 360% year-to-date.
Signumhas an institutional client base of nearly 2,000 companies and is supported by a team of over 250 professionals.
The company’s core business has seen an expansion in activity with an increasing number of daily transactions through over 20 partner banks, allowing over a third of the Swiss population to trade cryptocurrencies through their major banks.
Additionally, Sygnum plans to expand its regulated footprint in Europe and Asia, with new offices and licenses expected to be acquired in the European Union and Hong Kong by early 2025.
The expansion is in line with the upcoming MiCA regulation, which aims to standardise crypto asset regulation across the EU.
Sygnum is also expanding its Sygnum Connect network to provide 24/7 instant settlement of fiat and crypto assets, and is expanding its traditional securities offering.
The company recently raised $40 million in capital, bringing its core equity capital to over $125 million and valuing the business at $900 million.
“The approval and launch of Bitcoin and Ethereum ETFs was a milestone event for the cryptocurrency sector this year, generating a significant increase in demand for trusted, regulated exposure to digital assets. This is also reflected in Sygnum’s own growth, with our core business areas seeing significant increases in the first half of the year.”
We are extremely grateful for the continued trust from our clients, which supports our accelerated international expansion, development of new services, and expansion of our forward-thinking efforts towards the crypto ecosystem.”
“We are excited to be working with NVIDIA to bring the power of AI to the cloud,” said Martin Berger, chief customer officer at Signum.
