Crypto banking group Sygnum announced today that it has secured over $40 million in an interim close of a strategic funding round, led by Milan-based asset manager Azimut Holding.

The amount raised exceeded the target number of $35 million, the company said in a statement shared with The Block.

“The broader industry is emerging from the ‘crypto winter’ and investors and market participants are increasingly seeking to partner with trusted and well-managed financial institutions,” Gerald Goh, co-founder and CEO of Sygnum’s Singapore arm, said in the statement. “For Sygnum, this fundraise will allow us to further build out our suite of fully regulated solutions to support investors as they increase their exposure to the asset class.”

Sygnum intends to use the newly raised capital to drive the bank’s expansion into new markets and to further develop its regulated products, such as its bank-to-bank digital asset services. 

Goh told The Block that Sygnum plans to enter one market in Europe and another in the Asia-Pacific region, but that the firm could not disclose more details due to regulatory obligations.

In its previous series B funding round, which closed in January 2022, the crypto bank secured $90 million with participation from several Asia-based investors, including Sun Hung Kai & Co., Animoca Brands and SBI Holdings. 

Sygnum Bank, based in Switzerland and Singapore, has also been granted operating licenses in Abu Dhabi and Luxembourg, according to its statement. The company added that it currently manages assets worth over $4 billion from more than 1,700 clients across 60 countries.