Swiss FlowBank to Open Crypto Gateways After $ 11.8 Million Investment from CoinShares

[ad_1]

Jersey, Channel Islands-based digital asset investment firm CoinShares plans to integrate its crypto technology stack for a new Swiss digital bank following a strategic $ 11.8 million investment. dollars.

CoinShares bought 110,000 shares of FlowBank, a financial institution created in 2020 and licensed by the Federal Financial Market Supervisory Authority. The total shares purchased represent 9.02% of the banks’ extended share capital, according to a press release released on Thursday.

Starting next year, the bank announced plans to offer customers the ability to directly buy, hold and sell cryptocurrencies, as well as other tokenized assets, directly from their account. FlowBank.

This further reinforces FlowBank’s commitment to transcend the boundaries of traditional investing by providing its clients with easy-to-use and reliable gateways to traditional and decentralized finance, said Charles-Henri Sabet, Founder and CEO of FlowBank.

CoinShares’ business of providing crypto management services and infrastructure has paid off for the seven-year company. In the first quarter of this year, the company announced a year-over-year increase in its comprehensive income of $ 34.9 million, representing a 338% increase in profit over the previous year. . The company announced a further fivefold increase in profits in August.

The CoinShares tech stack has been the backbone of our success since 2015, said Jean-Marie Mognetti, CEO and co-founder of CoinShares. To date, this infrastructure layer has fueled our internal business developments.

CoinShares began trading on the Nasdaq First North Growth Market in March following a public offering that raised $ 17.8 million.

FlowBanks and our vision for the banking and investing sectors are aligned and will serve as fertile ground for a successful partnership, said Mognetti.

Read More: CoinShares To Buy Elwoods ETF Index Business For $ 17 Million

[ad_2]