Crypto Bank Hopeful Bitcoin Suisse Raises $48M in First-Ever Round
Bitcoin Suisse said some of the funding will go to new product offerings if its banking license applications are successful.
Jul 24, 2020 at 9:40 a.m. UTCUpdated Aug 19, 2021 at 3:19 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/VOBXS47QQND5NLNUPI4MOVVMOU.jpg)
Bitcoin Suisse has raised more than CHF 45 million (~$48 million) in its first-ever funding round.
- The Series A was for 16.4% of total equity – 10% newly created – and completed in four months.
- It was led by Roger Studer, the former investment head of Vontobel, a private bank that held approximately $215 billion in assets under management at the end of 2019.
- A Zug-based financial services provider for the digital asset industry, Bitcoin Suisse said the funding round pushed its valuation to CHF 302.5 million (~$327 million).
- Some of the funding will expand the company's lending business and staking services, as well as the custodial solution.
- Bitcoin Suisse is applying for a Swiss banking and securities dealer license, as well as a banking license in neighboring Liechtenstein.
- A spokesperson told CoinDesk it had set aside funding for new product offerings, should the license applications be successful.
- In a statement, Bitcoin Suisse said H1 2020 performance had been strong, with strong growth across its product and service range – the Series A satisfied capital needs for the foreseeable future.
- The spokesperson previously told CoinDesk that Bitcoin Suisse had started initial preparations for a public listing – either an IPO or direct listing – for some time in the next few years.
- A security token offering (STO) might also be in the works, but this will depend on market demand and Bitcoin Suisse's capital requirements.
- The spokesperson told CoinDesk Friday that the Series A put the bank hopeful in a "good position" to move ahead with its listing plans.
STORY CONTINUES BELOW
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
See also: Swiss Banks Enter the Age of Bitcoin
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)