Hong Kong real estate giant leads $90M raise for crypto bank Sygnum
Among the top and biggest property builders in Hong Kong, Sun Hung Kai continues to bet on the crypto trade. The real estate giant is an active supporter of cryptocurrency and blockchain technology and continues to get involved in the industry. Financial investors are trying to make the most of their investment in Bitcoins with the help of cryptosoft.app.
In the latest news, Sun Hung Kai has recently made huge investments in Sygnum; a Swiss crypto outfit indicating Sun Hung Kai’s strong interest in the crypto sphere.
Sun Hung Kai Properties Ltd.
Sun Hung Kai is one of the top investment holding companies across the Asian continent. The firm was established in 1963 having its headquarters based in Hong Kong. The company primarily engages in property development for investment and sale. It’s a line of business that encompasses various segments which include; Property Development, Hotel Operation, Property Investment, Hotel Operation, Transport Logistics and Infrastructure, and Telecommunications.
While making strides in other industries, Sun Hung Kai continues to venture more and more into the blockchain and crypto space. The firm continues to express its curiosity within the NFTs and metaverse.
Sygnum is a cryptocurrency organization that provides several crypto services, such as options and spot trading, wealth management products, custody, institutional banking, and crypto-backed fiat lending. The firm is a regulated organization, licensed as an asset management firm in Singapore and also a banking firm in Switzerland.
The firm declared that 2021 saw it grow significantly with consolidated total revenue heightening by tenfold while assets under management surged over $2 billion. An increase in institutional clients was also recorded, increasing close to 1000. Sygnum before the fundraising had only raised $30 million but the Series B round surged the firm’s total funding to approximately $90 million
Hong Kong real estate giant leads $90M raise
On Thursday, 13th of January 2022, Sygnum officially declared that it completed a $90 million Series B spherical. The funding was headed by the real estate giant, Sun Humg and other funding agencies in Hong Kong. Lee Seng Huang, the governing chairman of Sun Hung Kai’s group, made some interesting assertions. He acknowledges that the firm has a visionary and imaginative way of establishing its choices of fund administration into digital belongings.
Lee Seng added that as regulatory oversight and institutional demand continue to grow in the crypto sector, Sygnum is the ideal partner for them. He believes Sygnum’s track record as a fully-legislated digital asset manager and asset bank is equipped to co-create digital assets with Sun Hung Kai. The partnership between both companies will create products focused on digital assets that can cater to high digital asset demands. The digital assets will provide services and solutions first in Europe, and Asia, then to the rest of the world.
Following the spherical funding, data suggests that Sygnum’s valuation has increased to approximately $800 million. That is about a tenfold increase in the price of consolidated revenues from last year.
The capital raised for the Swiss company will be used to help the company expand internationally, develop new products in affiliation with strategic buyers. That’s not all, the capital will also help quicken the event of the latest Web 3.0 alternatives of institutional-grade such as staking providers and DeFi swimming pools. In addition to all these, the fund raised will help finance more partnerships with several blockchain ecosystems such as the Dfinity Foundation.
Several huge buyers were also present at the Spherical. To name a few, Meta Investments, a Canadian funding agency, and Animoca Brands and Wemade; a non-fungible token organization. Other strategic buyers like Siam Commercial Bank’s digital funding department (SCB 10X), and SBI Holdings.
Sun Hung Kai active interest in the crypto space
Indeed, Sun Hung Kai’s support and interest in the crypto space are evident. However, it seems 2022 is the year the firm plans to take major crypto-related moves. Just before raising a fund of $90,000 for the crypto bank Sygnum, Sun Hung Kai also backed the Mega City creation of Sandbox.
Sun Hung Kai, on Wednesday, showed serious interest in the crypto space by becoming a serious partner with the Sandbox.
The Sandbox, a suMegacityof Animoca Brands, declared the creation of Megacity. The Megacity is a virtual world created based on Hong Kong’s culture with the idea of integrating such culture in the metaverse. Looking for partners to finance the project, giant companies in Hong Kong including Sun Hung Kai supported tge project by purchasing LAND NFTs.