CoinShares bought stake in Swiss online bank FlowBank
The deal will allow the company to provide crypto services to institutional investors
15.03.2022 - 08:20
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What’s new? CoinShares, a digital asset management company, has announced the purchase of an additional 20,8% stake in the Swiss regulated bank FlowBank. The deal totaled 24,74 million francs ($26,38 million at the exchange rate on March 15, 2022). The agreement brought CoinShares’ total stake to 29,3%.
What else is known about the deal? The purchase has been approved by the Swiss Financial Market Supervisory Authority (FINMA). CoinShares CEO Jean-Marie Mognetti will move to FlowBank’s management board following the completion of the deal. The main purpose of the increase in the online bank’s stake is to expand access to cryptocurrencies by institutional investors, by attracting the bank’s current customers.
“We are very excited to increase our participation in FlowBank and allow them to leverage our technology and digital asset expertise. This is aligned with our strategic plan to make CoinShares an integrated digital asset fintech company,” Jean-Marie Mognetti stressed.
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