Swiss FlowBank Customers Can Soon Buy, Hold and Sell Crypto
According to a press release on Thursday, digital-asset investment firm CoinShares will integrate its crypto technology stack with the Swiss bank after it bought 110,000 shares of Flowbank for $11.8 million. With the strategic investment, Coinshares holds 9.01% of the bank’s enlarged share capital.
FlowBank founder and Chief Executive Officer, Charles-Henri Sabet, said:
“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.”
Jean-Marie Mognetti, co-founder and Chief Executive Officer of CoinShares commented:
“FlowBank’s and our vision for the banking and investing industries are aligned and will serve as fertile soil for a fruitful partnership
“CoinShares’ technology stack has been the backbone of our success since 2015. To date, this infrastructure layer has powered our internal commercial developments.”
CoinShares is a public company after it made its debut on the Nasdaq First North Growth Market in March following a public offering that raised $17.8 million. The business has seen staggering growth figures amidst a booming crypto market. In Q1, the crypto management services company noted a year-on-year 338% surge in profits. In August, the firm even reported a five-fold rise versus the prior year.
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Author: Peter Siu