• Sygnum, a cryptocurrency bank, has raised $90 million from a Hong Kong real estate conglomerate

  • In January 2022, Sun Hung Kai is expected to become the largest seller of new residences in Hong Kong.

    Sun Hung Kai, one of Hong Kong’s leading property developers, has increased its bet on the cryptocurrency business by investing in Swiss crypto firm Sygnum.

    Sygnum reported on Thursday that it has closed a $90-million Series B round headed by Sun Hung Kai, a Hong Kong real estate and alternative investment business.

    Sun Hung Kai executive chairman Lee Seng Huang stated that the company has a strategic objective to diversify its investment management operations into digital assets.

    “With its track record as a fully-regulated digital asset bank and asset manager, Sygnum is the appropriate 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 fundraising round raises Sygnum’s post-money valuation to $800 million, representing a tenfold increase in consolidated sales beginning in 2021.

    The funds raised will be used to help the Swiss company expand globally, develop new products in collaboration with strategic investors, accelerate the development of new institutional-grade Web3 offerings such as decentralized finance pools and staking services, and form new partnerships with blockchain ecosystems such as the Dfinity Foundation.

    Nonfungible token (NFT) startups such as Animoca Brands and WeMade participated in the round, as did 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 recently become more involved in the crypto and blockchain industries, with a particular focus on the metaverse and NFTs. Sun Hung Kai acquired a major partner in The Sandbox, a large decentralized gaming virtual environment and subsidiary of Animoca Brands, on Wednesday.

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