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Major Ripple Partner SBI Gives “Six-Figure USD Sum” to Swiss Crypto Bank Sygnum

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Thu, 02/18/2021 - 11:53
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Yuri Molchan
Financial giant SBI, major Ripple partner in Japan, has put a six figure amount of cash into the Swiss crypto bank Sygnum
Major Ripple Partner SBI Gives “Six-Figure USD Sum” to Swiss Crypto Bank Sygnum
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Finance Magnates has reported that SBI Digital Asset Holdings, a subsidiary of Ripple's partner in Japan, SBI Holdings, has invested an undisclosed amount (a "six-figure USD" sum) into crypto bank Sygnum, located in Switzerland.

Ripple partner invests in Swiss digital asset bank

The investment was announced on Feb. 18 and was part of the attempts by the crypto bank to raise funds. This way, it has been able to rake in around $30 million over the past half-year.

The present amount of USD received from the SBI giant has not been disclosed. But the crypto bank now calls the company a trusted shareholder and a strategic partner, according to Sygnum CEO Mathias Imbach.

In October of last year, SBI launched a venture fund in cooperation with Sygnum, so this is not the first time they have worked together.

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How Sygnum will use the new funding from SBI

The Swiss crypto bank plans to utilize investment from the Japanese financial giant to fund its expansion in Asia and Europe.

This crypto company was the first to get a license and start operating in Singapore. It works with private qualified investors and financial institutions and now holds more than half a billion USD in managed assets.

Also, Sygnum plans to improve the quality of its products and services. Now, the company plans to commercialize its tokenized platform and enlarge the scale of its services as a crypto custodian.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.