Digital asset bank Sygnum has recently reached the prestigious “unicorn” status in the world of cryptocurrency, following a successful $58 million funding round.

Based in Zug, Switzerland, and Singapore, the lender has successfully closed an oversubscribed strategic growth round. This significant investment round was spearheaded by BTC-focused venture capital firm, Fulgar Ventures, as confirmed in a recent announcement.

The “unicorn” status, typically reserved for privately-owned startups that surpass a valuation of $1 billion, was achieved by Sygnum subsequently to this funding round. This achievement comes approximately a year post Sygnum’s $900 million valuation, which was obtained after a $40 million funding round.

Sygnum, which currently holds licenses in Luxembourg, Switzerland, and Singapore, has plans to use this newly acquired capital to solidify its foothold in the European market. Additionally, the bank aims to establish a regulated presence in Hong Kong.

With a keen focus on Bitcoin technology, Sygnum plans to broaden its product base and lay the groundwork for future acquisitions.

For further insights, read: Garanti BBVA’s Announcement to Offer Crypto Trading Services – Foretelling the Future of Digital Assets.

This article is ideal for those considering investments in digital assets or simply interested in the ever-evolving world of cryptocurrency. However, the primary aim of this piece is not to persuade potential investors, but rather to inform and update on industry trends and developments.