SCRYPT attracts strategic investor and reports strong growth in trading volumes

SCRYPT, a Zurich-based provider of crypto asset financial services, closed a $5 million strategic funding round led by Braza Bank, the largest Brazilian exchange bank. The firm also announced that it has doubled its client book and seen trading volume increase 18 times year on year.

Founded in 2020 by entrepreneurs Norman Wooding and Sylvan Martin, SCRYPT has rapidly evolved from a basement startup to a leader in the Swiss fintech sector. Securing billions in trading volume, the company now offers a comprehensive suite of crypto services, including trading, custody, and staking. 

SCRYPT services over 200 institutional clients and recently received Swiss regulatory approval to launch asset management solutions, with SCRYPT Digital Investments AG, receiving a portfolio manager license from the Swiss Financial Market Supervisory Authority (FINMA) in July of 2023.

The company has now closed a funding round led by Braza Bank, the largest Brazilian exchange bank, with additional participation from venture capital firms including Funfair Ventures, Cabrit Capital, and Atlantic Labs. The funding round comes at a time when SCRYPT has more than doubled the team and operational capacity in the Company.

Norman Wooding, Founder & CEO of SCRYPT, states: "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 for SCRYPT’s future, especially as we expand into LATAM and capitalize on the region's booming crypto market. The participation of Braza Bank, a leader in FX and cross-border payments, underscores the strength of our partnership and the increasing adoption of crypto by institutions." 

Marcelo Sacomori, Founder & CEO of Braza Bank, added: “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.’’

(Press release / SK)