Owing to CoinShares’ investment, the bank is aiming to launch a number of new cryptocurrency-related features for its customers in 2022.
“Thanks to CoinShares’ technology stack offering, starting from the beginning of next year, customers will be able to directly buy, HODL, sell, share cryptocurrencies as well as other tokenized assets directly from their FlowBank account,” according to the bank’s marketing and communications head.
The value of the latest investment was not disclosed.
Last June, Jean-Marie Mognetti, CEO of CoinShares, predicted in the company’s annual report two trends that are likely to shape the crypto industry this year. The first is the “grand awakening” from global investors and corporate treasurers to the role of digital assets in a portfolio. The second is a “more avant-garde” trend which will see high alpha generator bets at the edge of innovation (decentralized finance (DeFi), non-fungible tokens (NFTs), Web3.0, identity and prediction markets).
CoinShares reported that its total comprehensive income doubled in 2020, reaching GBP 18.4m (USD 25m), while total assets held by the company rose to GBP 1.96bn (USD 2.67bn), up about 290% over the year.
Set up in 2020, FlowBank holds a banking license awarded by the Swiss Financial Market Supervisory Authority (FINMA).
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Learn more:
– From Speculation to Allocation: Crypto Markets Seeing a Paradigm Shift
– Bitcoin Demand Already Outpacing Supply – CoinShares’ Demirors
– Check These Four Banks and Their Moves Into Bitcoin & Crypto Custody
– Maker Rises as Societe Generale Asks for Loan Backed by Bond Tokens
– Swiss Fintech Launches Country’s First Regulated Crypto Asset Fund
– Swiss Banks About To Get A New Crypto Gateway For Their Clients
