Crypto Bank Hopeful Bitcoin Suisse Raises $48M in First-Ever Round

Zug, Switzerland (Credit: Shutterstock)

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.

See also: Swiss Banks Enter the Age of Bitcoin

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