Sygnum, which claims to be the world’s first digital asset bank, has raised an eight-figure dollar investment from SBI Digital Asset.
While the size of the investment was not disclosed, Sygnum claims to have raised a total of $30m in the past six months.
With the capital from the round, the FinTech plans to expand its client base of private qualified and institutional investors, banks and other financial institutions. Funds will also support its expansion into new markets in Europe and Asia and the launch of new products.
Upcoming launches include a tokenisation platform, asset management products, new custody features and deeper open banking API infrastructure.
This investment adds to an existing strategic partnership between the pair of companies. Last year, the companies revealed SBI-Sygnum Digital Asset Opportunity fund, which will make early-stage investments into digital asset startups.
Sygnum co-founder and CEO Singapore Gerald Goh said, “We are humbled by the positive feedback we have received from our clients and stakeholders for our regulated suite of products and services.
“With this strong start to 2021, we look forward to working with our stakeholders to continue innovating new solutions, launching new products, and ultimately providing our clients the ability to participate in the fast-growing digital assets opportunity in a safe, convenient, and fully-regulated manner.”
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