Crypto Finance, a Switzerland-based blockchain and digital assets firm, is set to file an application before the Swiss Financial Market Supervisory Authority (FINMA) for banking licence.

The virtual currency investment firm has raised CHF16m (€13.7m) from Swiss financial investors including Rainer-Marc Frey and Dr Philipp Cottier to fund the application.

Crypto Finance CEO Jan Brzezek said this process will take some time, but “it is of critical importance to prepare this step early on, to be strategically positioned to offer a full range of financial services to crypto investors.”

Crypto Finance chairman of the board Tobias Reichmuth said: “With this additional capital, Crypto Finance AG is now geared towards bringing much-needed professionalism to the crypto and blockchain market.”

Established in June this year, the Crypto-Valley based company offers services for investing, storing, and trading crypto assets through its three divisions including Crypto Fund, Crypto Broker, and Crypto Storage.

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