Zurich-based SCRYPT, a provider of crypto asset financial services, announced on Wednesday that it has secured $5M (approximately €4.6M) in a strategic funding round led by Braza Bank, with additional participation from venture capital firms including Funfair Ventures, Cabrit Capital, and Atlantic Labs.
The company will use the funds to accelerate its growth, scale its operations, and enhance product offerings to meet the growing demands of its clients worldwide.
In addition to the funding, the company also announced that it has doubled its client book and seen trading volume increase 18 times yearly.
Norman Wooding, Founder & CEO of SCRYPT, says, “We are pleased to confirm that 2024 is off to a strong start at SCRYPT, with the close of a strategic investment from Braza Bank and significant growth across all verticals in the business. I am excited about SCRYPT’s future, especially as we expand into LATAM and capitalise on the region’s booming crypto market.”
“The participation of Braza Bank, a leader in FX and cross-border payments, underscores our partnership’s strength and the increasing crypto adoption by institutions. Since our inception in 2020, we’ve transformed from an underdog into an industry leader that our clients trust. This capital injection empowers us to seize market opportunities with renewed vigor and continue building on our success,” adds Wooling.
SCRYPT: Financial service provider
Founded in 2020 by entrepreneurs Norman Wooding and Sylvan Martin, SCRYPT is a financial service provider specialising in crypto assets for Web3 companies and institutions.
The company now offers a comprehensive suite of crypto services, including trading, custody, and staking.
SCRYPT serves over 200 institutional clients and recently obtained Swiss regulatory approval to launch asset management solutions.
SCRYPT Digital Investments AG received a portfolio manager license from the Swiss Financial Market Supervisory Authority (FINMA) in July 2023.
Sylvan Martin, Founder & COO of SCRYPT says, “This funding round marks a pivotal moment for us and comes at a time when we have more than doubled our team and operational capacity in the Company. This investment and the momentum we are seeing validate our strategy and execution thus far and is a clear signal that the market believes in our vision.
Marcelo Sacomori, Founder & CEO of Braza Bank, adds, “Choosing SCRYPT as our partner to launch our cryptocurrency services was a strategic and natural decision. Their exceptional expertise in the crypto asset space, coupled with their robust, regulated infrastructure, establishes SCRYPT as an invaluable partner for Braza Bank as we introduce these cutting-edge services to our millions of customers.’’
