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
332
2 min
0
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.
Useful material?
Market
According to Michael Saylor, the move would increase the value of the corporation by $4,9 trillion by 2034
Dec 2, 2024
Incidents
The platform began the bankruptcy process in July 2022
Nov 28, 2024
Incidents
Crypto mixer smart contracts do not have an administrator key, so no one can control them, and they are not considered proprietary
Nov 27, 2024
Market
According to the politician, this will combat widespread corruption by ensuring transparency and accountability of budgetary funds
Nov 26, 2024
Market
Justin Sun invested $30 million in the project
Nov 26, 2024
Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024