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Swiss-Singapore digital asset banking group Sygnum is setting its sights on further expansion in Asia after a strong first half of 2024. The company, now profitable, is looking to establish a regulated presence in Hong Kong, adding to its existing Singapore hub.
In an announcement today covering its H1 results, Sygnum reported a surge in client activity, with a 500% rise in crypto derivatives trading and a two-fold increase in spot trading volumes. The company also reported strong growth in loan volumes, and for its ETH staking-as-a-service product.
“The approval and launch of Bitcoin and Ethereum ETFs were a watershed moment for the crypto sector this year, leading to a major increase in demand for trusted, regulated exposure to digital assets,” said Martin Burgherr, Sygnum’s chief clients officer, said in the announcement.
The company also attributed its growth to the launch of new features on its platform and partnerships with major financial institutions.
Blockhead
Expansion plans
Sygnum's recent fundraising success, which valued the company at $900 million, is also fueling its international expansion plans.
Sygnum reiterated its commitment to the Asia-Pacific (APAC) region, where it already has a fully-regulated platform in Singapore offering a suite of digital asset services. The firm said plans for similar operations in Hong Kong are reportedly "in advanced stages."
Additionally, Sygnum boasts a growing team in Abu Dhabi. The firm added that they are targeting a launch in the European Union in Q1 2025, leveraging their existing presence in Luxembourg.
In addition to its core crypto business, Sygnum is expanding its offerings to include traditional securities, catering to client demand for a holistic investment portfolio. They are also scaling up their Sygnum Connect network, designed to facilitate faster, cheaper, and more secure transactions within the global crypto ecosystem.
