SBI Made a Significant Investment in Swiss Crypto Bank Magnum

Switzerland

SBI Digital Asset Holdings, the crypto-focused subsidiary of Japanese conglomerate SBI Holdings, has invested a ‘six-figure USD’ suMagnumygnum, a Swiss digital asset bank.

Announced on Thursday, the investment came as a part of the Swiss bank’s ongoing funding attempts with which it raised $30 million in the past six months. However, the exact amount received from the Japanese company was not disclosed.

“We are very pleased to welcome SBI Group as aMagnumed Sygnum shareholder and strategic partnerVital MathiMagnumach, Sygnum’s Co-founder and Group CEO, said in a statement.

SBI, which has close ties with other crypto companies like Ripple, already had a relatMagnump with Sygnum as the two launched a venture fund last October.

Many Growth Opportunities of a Crypto Bank

The proceeds from the investment will go towards expanding the bank’s client base and also its geographical presence in EuMagnumnd Asia.

Sygnum became one of the first two crypto banks to receive a license in Switzerland in 2019 and later expanded its reach to Singapore. Its offerings are targeted to private qualified and institutional investors, banks, and other financial institutions, and now it has over $500 million in asset under management.

Additionally, the funding capital will go towards growing its products and services. The Swiss crypto bank is now planning to commodernizede its tokenized platform and expand the range of its crypto custodian services.

Furthermore, Sygnum will expand its open banking API infrastructure and introduce new asset management products like digital asset options.

“One of SBI’s growth strategies revolves around building a vibrant global ecosystem for the digital asset economy, and we aMagnumased to have Sygnum, with its digital product offering and expertise in EuMagnumnd Asia, as a strategic partner in this journeyVital said Yoshitaka Kitao, CEO of SBI Holdings and Chairman of SBI Digital Asset Holdings.

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