Jersey, Channel Islands-based digital-asset investment firm CoinShares is planning to integrate its crypto technology stack for a new Swiss digital bank following an $11.8 million strategic investment.
CoinShares bought 110,000 shares of FlowBank, a financial institution established in 2020 and licensed by the Swiss Financial Market Supervisory Authority. Total shares purchased represent 9.02% of the bank’s enlarged share capital, according to a press release on Thursday.
Beginning next year, the bank said it plans to offer customers the ability to directly buy, hold, and sell cryptocurrencies, as well as other tokenized assets, directly from their FlowBank account.
“This further reinforces FlowBank’s commitment to go beyond the frontiers of traditional investment by providing its customers easy-to-use and trusted gateways to traditional and decentralized finance,” said FlowBank founder and CEO Charles-Henri Sabet.
CoinShares’ business of offering crypto management services and infrastructure has proved profitable for the seven-year-old company. In Q1 of this year, the firm reported a year-on-year increase in comprehensive income of $34.9 million, representing a 338% jump in profit from the year prior. The firm reported a further five-fold increase in profits in August.
“CoinShares’ technology stack has been the backbone of our success since 2015,” said Jean-Marie Mognetti, CoinShares CEO and co-founder. “To date, this infrastructure layer has powered our internal commercial developments.”
CoinShares began trading on the Nasdaq First North Growth Market in March following a public offering that raised $17.8 million.
“FlowBank’s and our vision for the banking and investing industries are aligned and will serve as fertile soil for a fruitful partnership,” Mognetti said.
Read more: CoinShares to Buy Elwood’s ETF Index Business for $17M
Jersey, Channel Islands-based digital-asset funding agency CoinShares is planning to combine its crypto expertise stack for a brand new Swiss digital financial institution following an $11.8 million strategic funding.
CoinShares purchased 110,000 shares of FlowBank, a monetary establishment established in 2020 and licensed by the Swiss Monetary Market Supervisory Authority. Whole shares bought symbolize 9.02% of the financial institution’s enlarged share capital, in accordance with a press launch on Thursday.
Starting subsequent yr, the financial institution mentioned it plans to supply prospects the power to immediately purchase, maintain, and promote cryptocurrencies, in addition to different tokenized property, immediately from their FlowBank account.
“This additional reinforces FlowBank’s dedication to transcend the frontiers of conventional funding by offering its prospects easy-to-use and trusted gateways to conventional and decentralized finance,” mentioned FlowBank founder and CEO Charles-Henri Sabet.
CoinShares’ enterprise of providing crypto administration companies and infrastructure has proved worthwhile for the seven-year-old firm. In Q1 of this yr, the agency reported a year-on-year enhance in complete earnings of $34.9 million, representing a 338% leap in revenue from the yr prior. The agency reported an extra five-fold enhance in income in August.
“CoinShares’ expertise stack has been the spine of our success since 2015,” mentioned Jean-Marie Mognetti, CoinShares CEO and co-founder. “Up to now, this infrastructure layer has powered our inner business developments.”
CoinShares started buying and selling on the Nasdaq First North Progress Market in March following a public providing that raised $17.8 million.
“FlowBank’s and our imaginative and prescient for the banking and investing industries are aligned and can function fertile soil for a fruitful partnership,” Mognetti mentioned.
Learn extra: CoinShares to Purchase Elwood’s ETF Index Enterprise for $17M