Swiss crypto bank Amina CEO announces that it has applied for a VASP license

He stated that the bank is close to break-even, but is prioritizing growth investments over profitability at the moment

10.09.2024 - 08:27

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What’s new? Franz Bergmüller, the CEO of the Swiss crypto bank Amina, has spoken about the application for a Virtual Asset Service Provider (VASP) license with the Austrian Financial Market Authority. Bergmüller explained:

“Here we are dealing with a different regulator and need to build a new team before we can conclude any business or generate revenue. As a bank, we are approaching break-even but have deliberately decided that investments in growth take priority at the moment.”

What else did the executive say? He emphasized the high demand for cryptocurrency-backed loans and said that Amina has a waiting list of crypto startups that need traditional bank accounts. However, many are deterred by high fees. He noted that Amina’s customers “are completely convinced” of cryptocurrencies. According to Bergmüller, they prefer to hold investments for the long term, even despite significant price fluctuations:

“Our clients have often been invested in this asset class for more than ten years. They know the cycles and have weathered several crypto winters. This gives them the necessary composure.”

Earlier, another Swiss bank, Zürcher Kantonalbank, launched a trading service for major cryptocurrencies for retail clients and third-party banks. Deutsche Börse Crypto Finance, a subsidiary of crypto exchange, became the broker-partner of the new service.

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