Hong Kong real estate giant leads $90 million funding round for crypto bank Sygnum

Time:2022-01-09 Source: 770 views Trending Copy share

Sun Hung Kai was reported to be the largest seller of new homes in Hong Kong in January 2022.

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

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

According to Lee Seng Huang, executive chairman of Sun Hung Kai Group, 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 management firm, is an ideal partner for us to jointly develop digital asset focused products and cater 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 a partnership with the Dfinity Fund Will wait for the blockchain ecosystem to establish more partnerships.

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

Sun Hung Kai has been increasingly entering the crypto and blockchain industry of late, and has expressed particular interest in the 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.

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