Sygnum, a global digital asset banking group, has announced a profitable first half of 2024, driven by significant growth in various sectors of its business.
The company, which manages approximately US$4.5 billion in client assets, experienced two-fold increase in crypto spot trading volumes and a 500% rise in crypto derivatives trading, as well as a significant rise in loan volumes, exceeding 360% year-to-date.
Sygnum‘s institutional client base is nearing 2,000, supported by a growing team of over 250 professionals.
The firm’s core business has seen expanded activities, including a rise in daily trades facilitated by 20+ partner banks, enabling more than a third of the Swiss population to trade crypto through their primary banks.
Additionally, Sygnum is planning to expand its regulated footprint in Europe and Asia, with new offices and licenses anticipated in the European Union and Hong Kong by early 2025.
This expansion aligns with the upcoming MiCA regulations, which aim to standardise crypto-asset rules across the EU.
Sygnum is also scaling up its Sygnum Connect network, offering 24/7 instant settlement for fiat and crypto assets, and expanding its traditional securities offering.
The company’s recent US$40 million capital raise has increased its core equity capital to over US$125 million, with a business valuation of US$900 million.
“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. 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.”
said Martin Burgherr, Sygnum’s Chief Clients Officer.
