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Digital-asset investment firm CoinShares has increased its holding in Swiss fintech FlowBank as part of plans to grow its market reach.

Digital asset investment firm CoinShares recently acquired an additional 20.28% stake in Swiss online bank FlowBank, putting its total holding at 29.3%. Following the latest investment, CoinShares chief executive officer Jean-Marie Mognetti will join FlowBank’s board of directors to advise on key digital asset strategy and international development objectives. Mognetti also weighed in on the acquisition in a statement which read:

“We are very excited to increase our participation in FlowBank, a key innovative player in Switzerland powered by a unique technology, 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.”

CoinShares says it increased its FlowBank stake to extend the investment firm’s market reach. The total price paid for the Lancy, Switzerland-based bank’s shares was CHF 24.74 million, or $25.5 million, according to a press statement on Monday, March 14th. In addition, the increased acquisition also grants CoinShares voting rights of about 32%.

Flowbank chief executive officer Charles Henri Sabet also touched on the development, expressing delight at CoinShares latest stake acquisition. As he put it:

“We are delighted that CoinShares continues to recognize and support FlowBank’s great potential and accomplishments and has decided to increase its stake in our bank. Today, FlowBank’s clients can invest in CoinShares’ crypto on CFDs and gain exposure to digital currencies in this way.”

In addition, Sabet also expressed optimism at what the future holds for the collaboration between CoinShares and his platform, saying:

“This is only the beginning. We look forward to collaborating further with CoinShares in the coming months and taking our product offering to the next level, together.”

CoinShares Plans to Offer Crypto Exposure to FlowBank Customers

CoinShares had earlier stated that it intends to FlowBank’s clientele to buy, sell, and hold crypto. According to CoinShares, the target customers would be able to transact the digital currencies and other tokenized assets directly from their accounts. Furthermore, CoinShares also stated that FlowBank would leverage its product Galata, a crucial component of the digital asset ecosystem. Part of this leverage would be by connecting centralized finance platforms to digital asset protocols and markets.

CoinShares, Europe’s largest and longest-standing digital asset investment firm, has been expanding via acquisitions. Back in July last year, it paid $17 million in shares for Elwood Technologies’ exchange-traded fund (ETF) index business. In December, CoinShares also purchased Napoleon Crypto SAS, a French crypto investment provider for €13.9 million ($15.7 million).

CoinShares

Publicly listed on the NASDAQ First North Growth Market, CoinShares focuses on expanding investor access to the digital asset ecosystem. It achieves this via financial products and services designed to provide trust and transparency.

FlowBank

Sabet launched FlowBank in 2020, with license from the Swiss Financial Market Supervisory Authority (FINMA). Presently, it features over 50,000 financial products, including stocks, ETFs, bonds, options, Forex, CFD, which are tradable on its platform.

Source: www.coinspeaker.com

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