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

Sun
Hung
Kai,
one
of
the
largest
property
developers
in
Hong
Kong,
continues
betting
on
the
cryptocurrency
industry
by
investing
in
Swiss
crypto
outfit
Sygnum.

Sygnum
officially

announced

Thursday
that
it
had
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
into
digital
assets.

“Amidst
growing
institutional
demand
and
regulatory
oversight
of
this
sector,
Sygnum,
with
its
track
record
as
a
fully-regulated
digital
asset
bank
and
asset
manager,
is
the
ideal
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,”
he
said.

The
funding
round
brings
Sygnum’s
post-money
valuation
to
$800
million,
marking
a
tenfold
surge
in
consolidated
revenues
from
2021.

The
raised
capital
aims
to
help
the
Swiss
company
expand
around
the
world,
create
new
products
in
collaboration
with
strategic
investors,
accelerate
the
development
of
new
institutional-grade
Web3
offerings
such
as
decentralized
finance
pools
and
staking
services,
as
well
as
additional
partnerships
with
blockchain
ecosystems
such
as
the
Dfinity
Foundation.



Related:




PwC
Hong
Kong
purchases
land
plot
in
The
Sandbox

Other
big
investors
in
the
round
included
nonfungible
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
Siam
Commercial
Bank’s
digital
investment
arm,
SCB
10X.

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

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