Regulation
Bitcoin Suisse Seeks $50M to Become a Crypto Bank Unicorn
Bitcoin Suisse is looking for almost $50 million of funding from investors to pursue expansion plans, which include moving into the banking sector.
Swiss crypto broker Bitcoin Suisse is seeking almost 50 million Swiss francs ($51.5 million) in funding to support its plans for expansion into the banking sector.
According to a new report published on May 8, the company is telling investors that it could reach unicorn status, i.e. have a valuation of 1 billion francs ($1.03 billion) by 2025.
Ambitions to bank Switzerland and the EU
The company has already raised 20 million francs ($20.5 million) in an initial funding round, and has now opened funding up to other investors until mid-June. It hopes to secure at least 46 million francs ($47.4 million), boosting its capital base to 100 million francs ($103 million).
The additional capital is earmarked for the company’s expansion plans, which include a move into the banking sector.
As Cointelegraph reported, Bitcoin Suisse applied for banking and securities dealing licenses from the Swiss regulators in July last year. It also wishes to convert its operations in Lichtenstein into a bank in order to access clients in the European Union.
Other future plans
Bitcoin Suisse also intends to improve its proprietary trading and credit business, and hold some funds for further acquisitions. Last October the firm purchased a minority stake in CoinRoutes, a provider of pan-exchange smart order routing and algorithmic trading software.
It also has plans to hold a security token offering, or STO, in 2021 and get listed on a stock exchange the following year.
