Swiss FlowBank Customers Can Soon Buy, Hold and Sell Crypto

October 7, 2021

Beginning of next year, Swiss digital bank FlowBank will offer its customers the ability to directly buy, hold, and sell cryptocurrencies, including other tokenized assets.

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

He added:

“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

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