Cryptocurrencies

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

Related Stories

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Cryptocurrencies Videos

CoinDesk

CoinDesk is the leading digital media, events and information services company for the crypto asset and blockchain technology community. Its mandate is to inform, educate and connect the global community as the authoritative daily news provider dedicated to chronicling the space. Founded in May 2013, CoinDesk reaches millions interested in blockchain technology thru its website, social media, newsletters, podcasts and video. CoinDesk created the original reference rate known as the Bitcoin Price Index which is widely sourced in the media including The Wall Street Journal, Financial Times, CNBC and many others on a daily basis.

Learn More