Crypto bank Sygnum Bank completes $58 million funding round

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Switzerland and Singapore-based crypto bank Sygnum raised $58 million at a valuation of $1 billion. The new capital will be used to expand its product portfolio with a focus on Bitcoin technology, expand its institutional infrastructure, strengthen its compliance team and explore strategic acquisition opportunities. Proceeds will also help Sygnum's European Union expansion plans and build a regulated business in Hong Kong.