Bitcoin Suisse applies for Swiss banking license

Bitcoin Suisse has submitted an application to the Swiss Financial Markets Supervision Authority (FINMA) for a Swiss banking license combined with an application for a securities dealers’ license. The digital asset broker intends to further expand its offering with regulated services and products, thereby strengthening its position as a leading provider of crypto financial services, as was reported in a press release. What’s more, the Zug company is responding to the rising trend of ever more crypto assets falling under securities and banking law.

Founded in 2013, Bitcoin Suisse sees itself as “a pioneer in providing crypto-financial services”. The company has also been a driving force in the development of the Crypto Valley. Bitcoin Suisse published financial results for the first time at the start of this year. For 2018, it reported revenues of 44 million Swiss francs, a net income of 25 million francs and total equity of 50 million francs. The equity of Bitcoin Suisse is projected to further grow in the current year. In the context of a bank guarantee, Bitcoin Suisse also placed 45 million Swiss francs with a Swiss bank as collateral for a default bank guarantee, securing client fiat deposits and pooled crypto deposits. This will soon be extended to 55 million francs.

Alongside Bitcoin Suisse, the Zurich startup Sygnum and Zug company Seba Crypto have also applied for Swiss banking licenses.