Sun Hung Kai & Co. Limited leads $90M raise for crypto bank Sygnum

Hong Kong’s leading property developer Sun Hung Kai has made another investment in the crypto industry, this time in Swiss crypto banking firm Sygnum.

Sygnum reported on Thursday that it had concluded a $90 million Series B financing headed by Sun Hung Kai & Co. Limited, a Hong Kong-based real estate and alternative investment firm.

Sun Hung Kai has a strategic ambition to grow its fund management solutions into digital assets, according to firm executive chairman Lee Seng Huang.

“With its track record as a fully-regulated digital asset bank and asset manager, Sygnum is the appropriate partner for us to co-develop digital asset-focused products together and to cater to the strong demand for digital asset solutions and services in Asia, Europe, and beyond,” Huang said.

Sygnum’s post-money valuation has risen to $800 million after the recent round, representing a tenfold increase in consolidated revenues from 2021.

The funds will be used to help the Swiss firm expand globally, develop new products in partnership with professional investors, and accelerate the development of new institutional-grade Web 3.0 offerings such as decentralized finance pools and staking products and new collaborative initiatives with blockchain ecosystems such as the Dfinity Foundation.

Sun Hung Kai and its interest in the crypto world

Sun Hung Kai has recently been more involved in the crypto and blockchain industries, indicating a particular interest in the metaverse and NFTs. The firm joined the Sandbox, a prominent decentralized gaming subsidiary of Animoca Brands, as a major partner on Wednesday.

As TheCoinRise reported, the Sandbox has recently joined hands with the PwC Hong Kong, marking its major presence in the region.

Non-fungible token (NFT) startups, including Animoca Brands and Wemade, existing strategic investors like SBI Holdings and Siam Commercial Bank’s digital investment arm, SCB 10X, and Canadian investment firm Meta Investments also participated in the round.

“This financing round is a key milestone in our global expansion and in our mission to empower everyone everywhere to own digital assets with complete trust,” said Sygnum Co-Founder and Group CEO Mathias Imbach.