Hong Kong Real Estate Giant Leads $90M Funding for Crypto Bank Sygnum

Sun Hung Kai, one of the largest real estate developers in Hong Kong, is continuing to bet on the cryptocurrency industry by investing in Swiss crypto bank Sygnum.

Sygnum officially announced on Thursday that it closed a US$90 million Series B funding round led by Hong Kong real estate giant and alternative investment firm Sun Hung Kai.

According to Sun Hung Kai Group executive chairman Lee Seng Huang, the company's strategic vision is to expand its fund management products to digital assets.

He said: “Amid growing institutional demand and regulation in this space, Sygnum, as a fully regulated digital asset bank and asset manager, is the ideal partner for us to co-develop digital asset-focused products, catering to Asia, Strong demand for digital asset solutions and services in Europe and elsewhere."

The round brings Sygnum's post-money valuation to $800 million and marks a 10-fold surge in consolidated revenue starting in 2021.

The financing aims to help the Swiss company expand globally, create new products in partnership with strategic investors, and accelerate the development of new institutional-grade Web 3.0 products, such as decentralized financial pools and staking services, as well as with the Dfinity Fund Will wait for more partnerships in the blockchain ecosystem.

Other large investors in the round include NFT companies such as Animoca Brands and Wemade, Canadian investment firm Meta Investments, and existing strategic investors such as SBI Holdings and Siam Commercial Bank’s digital investment arm SCB 10X.

Sun Hung Kai has recently been increasingly entering the crypto and blockchain industry, and has expressed a particular interest in Metaverse and NFTs. On Wednesday, Sun Hung Kai became the Sandbox's main partner. The Sandbox is a large decentralized virtual game world and a subsidiary of Animoca Brands.