Switzerland-based online bank FlowBank has received $11.84m in funding from CoinShares International, a digital asset investment firm.
CoinShares now holds 110,000 shares or 9.02% of FlowBank’s enlarged share capital.
FlowBank, which is licensed by the Swiss Financial Market Supervisory Authority (FINMA), offers over 50,000 financial products such as stocks, bonds, commodities, ETFs, Forex, CFDs among others.
FlowBank noted that CoinShares’s investment will enable it to offer ‘innovative’ banking and investment services.
It also seeks to enhance its product portfolio by leveraging CoinShares’ technology stack.
FlowBank founder and CEO Charles-Henri Sabet said: “One year after its successful launch and rapid growth, FlowBank is excited to announce that CoinShares, a pioneer in digital asset investing listed on the Nasdaq First North Growth Market, has become a new strategic investor.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“This further reinforces FlowBank’s commitment to go beyond the frontiers of traditional investment by providing its customers easy-to-use and trusted gateways to traditional and decentralised finance.”
The digital bank also plans to allow its customers to directly buy, HODL, and sell cryptocurrencies along with other tokenized assets, directly from their FlowBank account.
CoinShares co-founder and CEO Jean-Marie Mognetti said: “Offering FlowBank our expertise and the capacity to start building on our technology stack is a testimony to our state-of-the-art infrastructure. FlowBank’s and our vision for the banking and investing industries are aligned and will serve as fertile soil for a fruitful partnership.”