Dynamics Group AG
/ Key word(s): Cryptocurrency / Blockchain
PRESS RELEASE Sygnum launches RYSE Web3 growth hub Zurich, 18 October 2022 - Sygnum announces the launch of the Sygnum RYSE growth hub to support Web3 startups. RYSE provides access to corporate banking, fundraising and mentoring - as well as an introduction to the Sygnum ecosystem of blockchain pioneers, technologies and thought leaders.
A corporate bank account enables a new business to control, secure, invest and flexibly manage their financial assets. Many of Switzerland's 1000+ blockchain startups[i], including increasing numbers of Web3 firms, do not qualify for corporate banking from traditional banks as they are often categorised as "high risk". This has the potential to complicate fundraising, limit innovation and slow business growth in fast-moving markets. Sygnum, a crypto-native bank, provides access to both fiat and crypto corporate banking services to enable Web3 firms to pay staff, manage suppliers, borrow funds and provide tax information. Sygnum RYSE builds on this banking relationship by providing access to tailor-made growth support in three key phases:
The Web3 sector, incorporating DeFi, NFTs, Digital Autonomous Organisations (DAOs), Metaverse and Gaming firms, attracted c. USD 3.2bn VC funding in H1 2022 and represented 41% of all deals in Q1 alone[ii]. Web3's rapid expansion is reflected in the makeup of Sygnum's growing client base and their need for both corporate banking and ecosystem support to drive next stage growth. You can read about how Sygnum was the first Swiss bank to open a hub in the metaverse to showcase its Web3 product innovations here. Safe is a decentralised custody protocol firm spun-off from industry veteran Gnosis that enhances the security and usability of crypto treasuries. Safe was the first to benefit from the growth-hub's value-added activities when Sygnum provided end-to-end fundraising support for its USD 100m strategic round, including fully compliant Crypto-AML and KYC processes. Lukas Schor, Co-founder Safe, said, "With the increased focus on regulatory compliance, it gives us peace of mind to manage our fundraising with a licenced bank. Sygnum RYSE ensured we were fully compliant and ready for our next stage of growth, enabling us to focus on delivering great technology." Martin Burgherr, Chief Client Officer at Sygnum Bank says: "Sygnum is an active, crypto-native member of the Web3 community. This initiative enables us to foster the growth of high-potential Web3 startups, expand the Sygnum trusted digital asset ecosystem and accelerate the industry towards Future Finance."
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About Sygnum Sygnum is the world's first digital asset bank, and a digital asset specialist with global reach. With Sygnum Bank AG's Swiss banking licence, as well as Sygnum Pte Ltd's capital markets services (CMS) licence in Singapore, Sygnum empowers institutional and private qualified investors, corporates, banks, and other financial institutions to invest in the digital asset economy with complete trust. Sygnum operates an independently controlled, scalable, and future-proof regulated banking platform. Our interdisciplinary team of banking, investment, and Distributed Ledger Technology (DLT) experts is shaping the development of a trusted digital asset ecosystem. The company is founded on Swiss and Singapore heritage, and operates globally. To learn more about Sygnum, please visit www.sygnum.com.
[i] SwissInfo: Swiss 'Crypto Valley' boasts 14 'unicorns' [ii] Galaxy Digital Research Report 2022 End of Media Release |
1465801 18.10.2022 CET/CEST
