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

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

Sygnum officially announcement On Thursday, 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 executive chairman Lee Seng Huang, the company has a strategic vision to expand its fund management offerings to digital assets.

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

The roundtable brings Sygnum’s post-currency valuation to $ 800 million, marking a tenfold increase in consolidated revenue from 2021.

The raised capital aims to help the Swiss company to develop in the world, to create new products in collaboration with strategic investors, to accelerate the development of new institutional quality Web3 offers such as decentralized funding pools and services staking, as well as additional partnerships with blockchain ecosystems. like the Dfinity Foundation.

Related: PwC Hong Kong buys land in The Sandbox

Other big investors in the cycle 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 the investment arm. digital from Siam Commercial Bank, SCB 10X.

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