Hong Kong Makes Investment In Cryptocurrency
Sun Hung Kai, a Hong Kong real estate conglomerate, has made another investment in the cryptocurrency industry, this time in Swiss crypto firm Sygnum.
Sygnum stated on Thursday that it has completed a $90-million Series B round headed by Sun Hung Kai, a Hong Kong-based real estate and alternative investment group.
Sun Hung Kai executive chairman Lee Seng Huang stated in stories tracked by Touchaheart on Cointelegraph that the company has a strategic ambition to expand its fund management capabilities 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,” he said.
Sygnum’s post-money valuation has risen to $800 million, representing a tenfold increase in consolidated revenues from 2021.
The funds will be used to help the Swiss company expand globally, develop new products in collaboration with strategic investors, accelerate the development of new institutional-grade Web3 offerings like decentralized finance pools and staking services, and form new partnerships with blockchain ecosystems like the Dfinity Foundation.
Non-fungible token (NFT) startups including Animoca Brands and WeMade, Canadian investment firm Meta Investments, and current strategic investors like SBI Holdings and Siam Commercial Bank’s digital investment arm, SCB 10X, also participated in the round.
Sun Hung Kai has been increasingly moving into the crypto and blockchain industry recently, expressing particular interest in the metaverse and NFTs. On Wednesday, Sun Hung Kai became a major partner of The Sandbox, a major decentralized gaming virtual world and subsidiary of Animoca Brands.