The digital assets supplementary of SBI Holdings will dominate one round that will have raised near about $30 million over six months for the Swiss bank Sygnum. The Japanese financial services firm is going to dominate a strategic fundraising round that is already in progress. Sygnum Bank holds a Swiss banking license, and as revealed on Tuesday, it has managed to secure an investment nearing $30 million from SBI Digital Asset Holdings. The Purpose of Investment The subsidiary of SBI will be using the investment to help the company develop its client base and stretch its arms into unexplored and new markets like Asia and Europe. SBI Holdings is based in Singapore as well as Switzerland, and they have recently revealed that the planned effort of raising funds would have brought in an investment of nearly $30 million over the last six months. This eventually helped the company grow its assets, which, as of January of this year, stood at over $500 million. Gerald Goh, co-founder and CEO of Sygnum Singapore, released a statement saying: “With this strong start to 2021, we look forward to working with our stakeholders to continue innovating new solutions, launching new products, and ultimately providing our clients the ability to participate in the fast-growing digital assets opportunity in a safe, convenient, and fully-regulated manner.” SBI Holdings and Signum Bank Relationship As SBI Holdings is aiming at a possible public offering, the fund raised will also go toward the stretching range of custody offerings of Sygnum, materializing its tokenization platform, secondary market trading facility. Along with this, the company is planning to grow its open banking API infrastructure.” Since the two companies launched a fund that was focused on the initial stages of crypto investment opportunities in Singapore in October, both SBI Holdings and Signum Bank have developed a business relationship.
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