Swiss crypto financial broker Bitcoin Suisse has applied for a banking licence with the domestic regulator.
The company has submitted an application to the Swiss Financial Markets Supervision Authority (FINMA) seeking licence according to the Swiss Banking Act Art. 1a.
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Additionally, the crypto broker sought a securities dealers’ licence, regulated by Stock Exchange and Securities Trading Act (SESTA).
If approved, these licenses will enable Bitcoin Suisse to bolster its footprint as a crypto financial services provider by expanding its offerings.
The company has deposited CHF45m with a Swiss bank to serve as collateral for a default bank guarantee. It will help the institution in securing client fiat deposits and pooled crypto deposits.
The figure will soon be increased to CHF55m, Bitcoin Suisse in a statement.
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By GlobalDataEarlier this year, the company published its maiden financial results reporting revenues of CHF44m. It reported a net income of CHF25m and total equity of CHF 50m for 2018.
In the last two years, Bitcoin Suisse has strengthened its team to include more than 90 experts. It also added a Liechtenstein office to its group and now has offices in Zug, Copenhagen and Vaduz.
This year, Bitcoin Suisse expanded its offering to 125 tradable crypto assets for a total of more than 6000 trading pairs.
In the statement, it also noted that it added more banks and institutional clients this year.
