H1 2024 profit driven by strong business performance, including 500% rise in crypto derivatives trading, >360% increase in loan volumes[i] and >1,000 daily trades with 20+ B2B partner banks servicing more than a third of Swiss populationSygnum now holds ~$4.5 billion in client assets as well as >$125m USD equivalent
core equity capital, following January $40m capital raise and $900m valuationInstitutional client base approaching 2,000, serviced by growing 250-strong global teamSets stage for MiCA-compliant expanded EU market entry in Q1 2025 with new European office and additional licencesCore business growth leveraged to further expand complementary traditional securities offering, and scale settlement network to enhance global crypto ecosystem connectivity
ZURICH, July 25, 2024 /PRNewswire/ — Sygnum, a global digital asset banking group with ~$4.5 billion in client assets, today reported that it has reached profitability following a strong H1 2024, with key metrics seeing substantial growth year-to-date (YTD). Business performance is enabled by expanded trading features and platform, strategic partnerships with leading digital asset and TradFi financial institutions, and a diverse, international team now over 250-strong.
Compared to the same period in 2023, the company has seen a two-fold increase in crypto spot trading volumes and a 500% rise in crypto derivatives trading on its newly-expanded platform. The company’s lending activities have also experienced strong growth, with the number of clients utilising Lombard loans almost doubling and loan volumes increasing by >360%i.
Sygnum’s Staking-as-a-Service offering has also grown, with the percentage of ETH staked by clients growing to 42% i – 15% above the global average. This is especially notable given the shifting dynamics around Ethereum-related ETF products. For institutional clients, staking ETH presents a unique benefit beyond the limitations of the ETF framework, which currently excludes staking yields.
“The approval and launch of Bitcoin and Ethereum ETFs were a watershed moment for the crypto sector this year, leading to a major increase in demand for trusted, regulated exposure to digital assets,” said Martin Burgherr, Sygnum’s Chief Clients Officer. “This is also reflected in Sygnum’s own growth, with our core business areas seeing a significant YTD increase in H1. We truly appreciate the continued trust of our clients, which provides the launch-pad for our accelerated international expansion, the development of new services and the scaling-up of our forward-looking initiatives for the crypto ecosystem.”
Sygnum’s institutional and professional investor client base is approaching 2,000, serviced by a diverse, international team now over 250-strong. Crypto transfer volumes on Sygnum’s institutional-grade, secure platform have increased substantially across Sygnum’s four core client segments – professional private investors, External Asset Managers and Multi-Family Offices, crypto foundations and DLT companies, and Funds and Hedge Funds.
Sygnum reached the milestone of 20+ B2B partner banks and financial institutions in June 2024, enabling more than a third of the Swiss population to conveniently trade crypto through their primary banks. Sygnum’s growing B2B roster, including names like PostFinance, Zuger Kantonalbank and Bordier & Cie, is highly active and facilitate more than 1,000 trades per day, with virtually 100% being Straight-Through Processed (STP) within seconds.
International expansion
To further accelerate its strong growth, Sygnum is expanding its regulated footprint in its home European and Asian markets. Sygnum has been active in Europe from launch and licenced in Luxembourg since 2022, one of the world’s leading fund centres. In Q1 2025, Sygnum will significantly expand its regulated footprint via a new office and licences in the world’s biggest single market, the 30 countries comprising the European Union (EU) and European Economic Area (EEA). Sygnum’s strong business performance and regulated banking platform sets the stage for its MiCA-compliant market entry. Markets in Crypto-Assets Regulation (MiCAR) is a suite of uniform EU market rules for crypto-assets aimed at supporting market integrity, investor protection and financial stability.
Additionally, Sygnum is expanding its Asian market footprint via its fully-regulated digital asset financial services platform in Singapore which offers asset management, corporate advisory, crypto custody and brokerage. Plans for regulated operations in Hong Kong are also at an advanced stage. Sygnum also has a growing team in Abu Dhabi where it offers local access to a portfolio of Swiss-regulated financial services.
Strategic growth drivers
Building on its international expansion, Sygnum is leveraging its core business growth to invest in a number of exponential growth drivers.
Sygnum Connect, a network designed to make transactions in the global crypto ecosystem faster, cheaper, less risky and more reliable, is currently being scaled-up. The network offers 24/7 free, instant settlement for fiat, crypto assets, and stablecoins that eliminates counterparty and settlement risks. The network, launched in 2024, places Sygnum at the centre of global crypto ecosystem development, driving capital efficiency, increasing financial system connectivity and enhancing institutional standards.
In response to numerous client requests, Sygnum is also expanding its traditional securities offering that generated multi-billion client demand following its 2023 launch. To further compliment clients’ core digital asset investments, the traditional securities offering will soon also include self-servicing, discretionary mandates and an integrated portfolio view across all asset classes.
Over the past six months, Sygnum has also raised over $40 million via an oversubscribed funding round, leading to its core equity capital reaching >$125 million USD equivalent, and the business being valued at $900 million. It has also partnered with Fidelity International, Matter Labs and Hamilton Lane on major tokenization projects, and collaborated with Chainlink to provide fund NAV data on-chain.
About Sygnum
Sygnum is a global digital asset banking group, founded on Swiss and Singapore heritage. We empower professional and institutional investors, banks, corporates and DLT foundations to invest in digital assets with complete trust. Our team enables this through our institutional-grade security, expert personal service and portfolio of regulated digital asset banking, asset management, tokenisation and B2B services.
In Switzerland, Sygnum holds a banking licence and has CMS and Major Payment Institution Licences in Singapore. The group is also regulated in the established global financial hubs of Abu Dhabi and Luxembourg.
We believe that the future has heritage. Our crypto-native team of banking, investment and digital asset technology professionals are building a trusted gateway between the traditional and digital asset economies that we call Future Finance. To learn more about how Sygnum’s mission and values are shaping this digital asset ecosystem, please visit sygnum.com and follow us on LinkedIn and X.
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In particular, this publication does not constitute (i) any advice or recommendation, an offer or invitation by or on behalf of Sygnum to purchase or sell any assets; (ii) an inducement or incitement to participate in any product, offering or investment; (iii) a prospectus or key information document according to Swiss laws and regulations; nor shall it be construed as such. Where applicable, the full offering documentation of the products mentioned in this publication (such as for example the prospectus, offering memorandum, key information document (Basisinformationsblatt) may be obtained free of charge at Sygnum Bank AG, Uetlibergstrasse 134a, 8045 Zurich, Switzerland and/or by contacting us at https://www.sygnum.com/contact/. Some of the products mentioned in this publication might not qualify as units of a collective investment scheme according to the relevant provisions of the Swiss Federal Act on Collective Investment Schemes (“CISA”), as amended, and are not licensed thereunder. Therefore, neither such products nor the issuer is governed by the CISA nor approved by the Swiss Financial Market Supervisory Authority FINMA (“FINMA”). Accordingly, for such products investors do not have the benefit of the specific investor protection provided under the CISA. These materials and this publication are for distribution only under such circumstances as may be permitted by applicable laws. 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Some figures may be forecasts only and forecasts are not a reliable indicator of future performance. Investment decisions should always be taken in a portfolio context and make allowance for your personal situation and consequent risk appetite and risk tolerance. No reliance may be placed for any purpose on the information contained in these materials or its accuracy or completeness. 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[i] Compared to the same period last year.
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SOURCE Sygnum
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