SBI-Sygnum-Azimut digital asset venture fund makes first investment into Coinhako
Zurich, 7 December 2021 – The SBI-Sygnum-Azimut Digital Asset Opportunity (DAO) fund announces today that it has made its first investment into Coinhako, Singapore’s leading cryptocurrency exchange. The strategic fundraising round was three-times oversubscribed and attracted other prominent institutional investors including SBI Group, Japan’s largest FinTech conglomerate and a global leader in blockchain adoption.
Coinhako will use the proceeds to expand geographically into Southeast Asia, as well as into institutional and high-net-worth customer segments
SBI, Sygnum and Azimut will lend their combined expertise and wide-reaching networks across traditional finance and digital assets to support Coinhako’s expansion
With several promising targets in the pipeline, the DAO fund aims to provide a platform for investee companies to leverage the strength of its existing network and the future network of its portfolio
Coinhako recently received an in-principle approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services as a major payment institution. The new funds raised will now enable the company to grow its team as it expands across Southeast Asia to serve the region’s rapidly growing cryptocurrency user base. The funds will also accelerate Coinhako’s acquisition of a deeper and wider customer base in Singapore with Coinhako Privé, its recently launched institutional and high-net-worth offering.
SBI, Sygnum and Azimut will lend their combined expertise and wide-reaching networks across traditional finance and digital assets to support Coinhako’s expansion plans. With several potential investment targets already in the pipeline, the DAO fund, which brings together the collective digital asset experience and networks of SBI, Sygnum and Azimut, aims to accelerate the growth of promising companies in this sector, while providing qualifying investors with unrivalled access to the fast-growing digital asset economy.
Director of the Digital Asset Opportunity fund, Alice Mak, says “We are excited to have Coinhako as the first investment of the DAO fund. As we continue to invest in top digital asset companies, the fund will provide them with a platform to accelerate their growth by leveraging the strength of our existing network and the future network of the fund’s portfolio.”
Co-Founder and CEO of Coinhako, Yusho Liu, says“Coinhako has been able to close our previous fund raises with prominent foreign venture capitalists, dating back to our angel round in 2014. Today, we are excited to onboard a new set of strategic investors with a strong presence in Singapore to accelerate our growth in the financial hub and across the region.”
CEO Singapore of Sygnum, Gerald Goh, says “Coinhako shows significant potential to be a key cryptocurrency player in Asia, and with the approval from MAS will be a trusted node in the digital asset ecosystem. We look forward to supporting them as they expand.”
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