Fingerlabs teams up with Metaclub to gather users for Web3 membership platform

Switzerland and Singapore-based crypto bank Sygnum has successfully closed a funding round, securing over $40 million in capital, with plans to expand its service offering in Asia. On the brink of unicorn statusThe funding round was achieved based upon a post-money valuation of $900 million, with Sygnum edging closer to unicorn status. Led by global asset management group Azimut Holdings, the funding surpassed the initial target of $35 million, reinforcing Sygnum's position in the rapidly evolving digital assets space. In a press release, Mathias Imbach, Sygnum's co-founder and CEO, expressed excitement about the successful funding round, highlighting the company's commitment to building trust through regulation and good governance. Imbach stated:”Our core thesis has always been that Future has Heritage, and our strategy to build trust via regulation and good governance has guided us throughout all market cycles. ” Gerald Goh, Sygnum's co-founder and CEO of its Singapore operations, emphasized the importance of staying ahead as clients' needs and activities grow more sophisticated. The fresh funds will enable Sygnum to continuously upgrade and enhance its product and service offerings in response to evolving market demands.Photo by Towfiqu barbhuiya on UnsplashAsian focusThe funds raised in this round will be instrumental in expanding Sygnum's geographical reach into new markets in 2024, within the Asia-Pacific (APAC) region as well as within the European Union. Sygnum has already made in-roads in Asia. Having started out in Switzerland, in 2019 the company set up a base in Singapore, establishing Sygnum Singapore and obtained a capital markets license from the Monetary Authority of Singapore (MAS). Last June, the firm achieved in-principle approval for a Major Payment Institution (MPI) license from MAS. It fulfilled the regulator’s requirements to bring about full approval in October. Goh told Bloomberg that the company envisages achieving growth in Asia and Europe through acquisition.  Developing fully regulated productsThis latest capital injection has also been earmarked to accelerate the development of fully regulated products, including the bank-to-bank platform that currently powers crypto offerings for more than 15 banks and financial institutions worldwide. Sygnum's assets under management have surged to $4 billion, with a client base exceeding 1,700 from over 60 countries. At the end of 2023, the firm reported an annualized revenue run rate (ARRR) exceeding $100 million, marking a significant milestone for the company's financial health and positive cash flow. Sygnum's expansion efforts include collaborations with key players in the industry. In November, the bank furthered its partnership with the Singapore arm of 174-year-old private bank Bordier & Cie, strengthening their initial collaboration that started in Geneva in 2021. Giorgio Medda, CEO of Azimut Holding, highlighted the strategic partnership between Azimut and Sygnum since 2021, emphasizing their joint development of the first tokenization of a private credit portfolio in Europe. Despite the recent challenges in the crypto industry, Sygnum remains optimistic about the future. The broader industry is witnessing a resurgence, with investors and market participants seeking partnerships with trusted and well-managed financial institutions. This sentiment aligns with Sygnum's vision to provide fully regulated solutions and support investors as they increase exposure to the asset class. 

Strategic investment sees C1 Secondaries Fund target Animoca BrandsThe C1 Secondaries Fund, an investment fund focused on the digital assets space with a presence in Silicon Valley and Dubai, is poised to make strategic investments in crypto powerhouses like Hong Kong-based Animoca Brands.Photo by Towfiqu barbhuiya on UnsplashReady to deploy capitalThat’s according to details from a pitch deck disclosed by the Australian Financial Review on Sunday. The C1 Fund is ready to deploy substantial capital, ranging from $20 million to $50 million, to acquire private holdings in crypto companies. The fund is only interested in targeting companies that boast valuations of $300 million and above from their most recent funding rounds.The crypto venture capital fund was co-founded by former Coinbase executives. Off the back of recent bullish momentum within crypto markets, the C1 Fund is reportedly eyeing significant discounts of nearly 80% on its investments.Share purchase offerThe fund has extended an offer to purchase Animoca Brand shares at approximately $1.12, representing a 75% markdown from its last capital raise where shares were sold at around $4.50.A few years ago, Animoca Brands, a firm that concentrates on blockchain gaming, non-fungible tokens (NFTs) and the metaverse, had been listed on the Australian Stock Exchange (ASX). However, in 2020, the company listing was removed due to the swapping of stock for crypto tokens. It still has involvement with Australia through equity investment from Australian firms Koda Capital and KTM Ventures.In September, Hong Kong-based venture capital firm CMCC Global led a $20 million funding round into Animoca. At the time, it was suggested that funding would go towards further development of Mocaverse, an Animoca project involving the development of Web3-native tools geared towards the gaming and entertainment sectors.Following some market uncertainty regarding the financial health of the company earlier this year, Animoca provided an update on its financial position, clarifying that it held $3.4 billion in cash and assets.Chainalysis interestThe strategic move by the C1 Fund aligns with the recent uptick in the crypto space. Bitcoin (BTC), the market leader, surpassed the $40,000 price point in the first week of December, propelling the overall crypto market capitalization to over $1.6 trillion. At the time of writing, BTC hovers just over $40,000.Similarly, the fund is weighing up an investment in American blockchain analysis firm Chainalysis, offering to acquire its shares at a substantial 63% discount from its latest capital raise.Beyond traditional crypto assets, NFTs are experiencing a surge in market interest. A recent report by DappRadar revealed that NFT trading volume approached $1 billion in November, signaling a notable shift in user behavior. The average value of NFT transactions also witnessed a substantial increase from $126 to $270 in November.The C1 Secondaries Fund was established in March, targeting $500 million worth of investment in blockchain, crypto, Web3 and fintech. As the C1 Secondaries Fund strategically positions itself amid the crypto market boom, its pursuit of discounted investments in industry giants like Animoca Brands and Chainalysis reflects the fund’s confidence in the sustained growth and potential of the digital assets sector.

Asian Firms Feature in Ledger’s Institutional Trading OfferingCrypto hardware storage device provider Ledger has recently introduced the Ledger Enterprise Tradelink network with the participation of a number of well-known Asian crypto platforms.Through its Ledger Enterprise Tradelink offering, Ledger aims to provide a robust and open trading platform specifically designed for institutional investors. The company announced its move into the institutional trading technology market via a blog post published to its website on Wednesday.Photo by Kanchanara on UnsplashMeeting institutional needsThis platform aims to meet the unique risk management and regulatory requirements of institutions seeking to participate in the cryptocurrency market.Given recent events, such as the bankruptcy of the FTX crypto exchange, market participants are increasingly seeking transparency and alternatives to traditional vertically integrated crypto exchanges. There are also concerns regarding the future of market infrastructure in light of the recent lawsuits filed by US regulators against major exchanges like Binance and Coinbase.Sebastien Badault, the VP of Metaverse & NFTs at Ledger, highlighted these concerns and emphasized the importance of addressing them. He explained that the Ledger Enterprise Tradelink network enables a seamless connection between custodians, OTC brokers, and exchanges, allowing traders to execute trades without having to hold funds on the exchange itself.This unique feature serves to minimize the risks associated with centralized exchanges. Badault further predicted that as regulations evolve, fund managers will likely be required to distribute their risk across multiple custodial partners, making the Ledger network an appealing solution.Asian partnershipsTo bring the enterprise-grade platform to life, Ledger has partnered with several prominent crypto exchanges and broker firms. These include international companies like Bitstamp, Uphold, CEX.IO, Wintermute, Coinsquare, NDAX, Damex, Flowdesk, and YouHodler. Additionally, Asian platforms feature strongly, represented by the likes of Seychelles-headquartered crypto exchange Huobi, Singapore-based platform Crypto.com, and Thailand’s Bitazza, a digital asset platform.Other participating companies comprise of Komainu, a digital asset custodian backed by Japanese financial services company Nomura, Tokyo-based institution-facing crypto finance firm, Crypto Garage and Hong Kong’s Kryptodian, a digital asset custodian.Other international partners include digital asset custodians TetraTrust and Etana. The partnership depth that Ledger has put in place with its Ledger Enterprise Tradelink product ensures that firms utilizing the network are not locked into a single custodial provider.Crypto.com President & COO, Eric Anziani, praised Ledger’s innovative Trading Operation technology, emphasizing its role in enhancing security and fostering a regulation-friendly landscape for institutional trading. The collaboration with Ledger enables Crypto.com to participate in the Ledger Enterprise Tradelink network, expanding their offerings for institutional clients and strengthening their position within the market.Ledger Enterprise offers real-time tracking of collateral balances and operational status for all participants, providing enhanced transparency and operational efficiency. Furthermore, the platform boasts zero transaction fees, making it a cost-effective solution for institutional investors, as highlighted in the press release.This initiative by Ledger aligns with the industry’s growing demand for regulatory compliance and effective risk management solutions. Consequently, Ledger’s entrance into this space marks an important milestone in facilitating institutional participation and driving further adoption of cryptocurrencies.