News

CoinShares increases stake in Swiss bank

Crypto exchangeEurope’s largest digital investment firm CoinShares has acquired a 21% share of Swiss firm FlowBank in a bid to expand its European offering and attract more institutional investors.

The $26 million purchase brings Jersey-based CoinShares’ holding in FlowBank to 30% after it bought a 9% stake in October.

It will also see CoinShares CEO Jean-Marie Mognetti join the FlowBank board of directors.

FlowBank is licensed by the Swiss Financial Supervisory Authority and is described by CoinShares as an institution that combines the “highly developed technology of a fintech business with the security of a Swiss bank”.

FlowBank already uses CoinShares’ Galata platform to provide its clients with access to digital assets. As a result of CoinShares increased holding, FlowBank will be able to use more “advanced features” such as holding, staking and lending. 

In July last year, CoinShares acquired the ETF index business of Elwood Technologies, a deal it said would “bridge the gap between traditional asset management and crypticurrencies”.

© 2022 fundsTech