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Swiss startup SCRYPT gets €4.6 million from Braza Bank to provide financial services to cryptocurrency-related Web3 companies and institutions
SCRYPT, a Zurich-based cryptocurrency financial services provider, announced on Wednesday that it has secured $5 million (approximately €4.6 million) in a strategic financing round led by Braza Bank, with additional participation from venture capital firms including Funfair Ventures, Cabrit Capitale, and Atlantic Laboratories.
The company will use the funds to accelerate its growth, expand its operations and enhance its product offerings to meet the growing demands of its customers around the world.
In addition to the funding, the company also announced that it has doubled its customer base and seen trading volume increase 18 times per year.
Norman Wooding, founder and CEO of SCRYPT, says: “We are pleased to confirm that 2024 is off to a good start for SCRYPT, with the closing of a strategic investment by Braza Bank and significant growth across all business verticals. I am excited about the future of SCRYPT, especially as we expand into LATAM and take advantage of the region’s thriving cryptocurrency market.”
“The participation of Braza Bank, a leader in FX and cross-border payments, highlights the strength of our partnership and the growing adoption of cryptocurrencies by institutions. Since our inception in 2020, we have transformed ourselves from underdogs into industry leaders trusted by our customers. This capital injection allows us to seize market opportunities with renewed vigor and continue to build on our success,” adds Wooling.
SCRYPT: financial services provider
Founded in 2020 by entrepreneurs Norman Wooding and Sylvan Martin, WRITING is a financial services provider specializing in crypto assets for Web3 businesses and institutions.
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The company now offers a full suite of crypto services, including trading, custody and staking.
SCRYPT serves over 200 institutional clients and recently obtained Swiss regulatory approval to launch wealth management solutions.
SCRYPT Digital Investments AG received its portfolio manager license from the Swiss Financial Market Supervisory Authority (FINMA) in July 2023.
Sylvan Martin, founder and 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 the Company’s operational capacity. This investment and the momentum we are seeing validates our strategy and execution so far and is a clear signal that the market believes in our vision.
Marcelo Sacomori, founder and CEO of Braza Bank, adds: “Choosing SCRYPT as our partner to launch our cryptocurrency services was a strategic and natural decision. Their exceptional experience in the crypto asset sector, combined with their robust and regulated infrastructure, makes SCRYPT an invaluable partner for Braza Bank as we introduce these cutting-edge services to our millions of customers.”