Hong Kong real estate giant leads $90M raise for crypto bank Sygnum

Sun Hung Kai, one of Hong Kong’s largest real estate developers, continues to bet on the crypto industry by investing in the Swiss crypto team Sygnum.

Sygnum officially announced Thursday that it closed a $ 90 million Series B round led by Sun Hung Kai, a real estate giant and alternative investment firm in Hong Kong.

According to Sun Hung Kai group chief executive Lee Seng Huang, the company has a strategic vision to expand its fund management offerings to digital assets.

“Amid growing institutional demand and regulatory oversight in this sector, Sygnum, with its track record as a digital asset bank and fully regulated asset manager, is the ideal partner for us to jointly develop products focused on digital assets and to serve The strong demand for digital asset solutions and services in Asia, Europe and beyond, ”he said.

The funding round brings Sygnum’s after-money valuation to $ 800 million, marking a ten-fold increase in consolidated revenue from 2021.

The capital raised is aimed at helping the Swiss company expand around the world, create new products in collaboration with strategic investors, and accelerate the development of new institutional-grade Web 3.0 offerings such as decentralized funding pools and engagement services, as well. as additional partnerships with blockchain ecosystems like the Dfinity Foundation.

Related: PwC Hong Kong buys land in the Sandbox

Other large investors in the round included non-fungible token (NFT) companies such as Animoca Brands and Wemade, Canadian investment firm Meta Investments, as well as existing strategic investors such as SBI Holdings and Siam Commercial Bank’s digital investment arm SCB 10X. .

Sun Hung Kai has been increasingly moving into the crypto and blockchain industry recently, expressing a particular interest in the metaverse and NFTs. On Wednesday, Sun Hung Kai became a major partner in Sandbox, a major decentralized virtual gaming world and a subsidiary of Animoca Brands.