Hong Kong Developer Bets On Crypto Industry By Investing In Sygnum
Reports said that Sun Hung Kai, one of the largest property developers in Hong Kong, continues betting on the cryptocurrency industry by investing in Swiss crypto outfit Sygnum.
It has been reported that Sygnum had closed a $90-million Series B round led by Sun Hung Kai, a real estate giant and alternative investment firm in Hong Kong. According to Sun Hung Kai executive chairman Lee Seng Huang, the company has a strategic vision to expand its fund management offerings into digital assets.
“Amidst growing institutional demand and regulatory oversight of this sector, Sygnum, with its track record as a fully-regulated digital asset bank and asset manager, is the ideal partner for us to co-develop digital asset focused products together and to cater to the strong demand for digital asset solutions and services in Asia, Europe and beyond.”
However, the funding round brings Sygnum’s post-money valuation to $800 million, marking a tenfold surge in consolidated revenues from 2021. The raised capital aims to help the Swiss company expand around the world, create new products in collaboration with strategic investors, accelerate the development of new institutional-grade Web3 offerings such as decentralized finance pools and staking services, as well as additional partnerships with blockchain ecosystems such as the Dfinity Foundation.
The report said that other big investors in the round included nonfungible token (NFT) companies such as Animoca Brands and WeMade, Canadian investment firm Meta Investments, as well as existing strategic investors, such as SBI Holdings and Siam Commercial Bank’s digital investment arm, SCB 10X.
Sun Hung Kai has been increasingly moving into the crypto and blockchain industry recently, expressing particular interest in the metaverse and NFTs.
Thus, on Wednesday, Sun Hung Kai became a major partner of The Sandbox, a major decentralized gaming virtual world, and a subsidiary of Animoca Brands.