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

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

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

Sygnum reported on Thursday that it has concluded a $90 million Series B financing. Headed by Sun Hung Kai, 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.

“Sygnum is the right partner for us. Because of its track record as a fully regulated digital asset bank and asset manager. In order to collaborate on the development of digital asset-focused products. And to meet the high demand for digital asset solutions and services in Asia, Europe, and beyond, “he stated

Sygnum’s post-money valuation has risen to $800 million, indicating a tenfold increase in consolidated sales from 2021.

The funds raised will be used to help the Swiss company expand globally. As well, develop new products in collaboration with strategic investors. And accelerate the development of new institutional-grade Web 3.0 offerings. Such as decentralised finance pools and staking services. As well as new partnerships with blockchain ecosystems such as the Dfinity Foundation.

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

Sun Hung Kai has recently become more involved in the crypto and blockchain industries. With a particular interest in the metaverse and NFTs. Sun Hung Kai joined the Sandbox, a prominent decentralised gaming virtual world and Animoca Brands subsidiary, as a major partner on Wednesday.

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