Zug – The Zug-based company Crypto Finance raised 16 million Swiss francs in a new financing round. The additional capital will be used to apply for a Swiss banking licence.
Well-known Swiss investors and entrepreneurs participated in the latest financing round, among them billionaire Rainer-Marc Frey and Philipp Cottier, who recently joined Crypto Finance as a board member.
The new funds will be used as regulatory capital to help Crypto Finance apply for a banking license with the Swiss financial authority FINMA.
“The process will take some time, but it is of critical importance to prepare this step early on, to be strategically positioned to offer a full range of financial services to crypto investors,” Jan Brezek, CEO of Crypto Finance, said in a statement.
Crypto Finance was founded in summer 2017 and offers blockchain-related services through its three divisions Crypto Fund, Crypto Broker and Crypto Storage. Its aim is to provide investors safe and familiar access to the cryptocurrency market.
Its trading desk Crypto Broker is already cash-flow positive. Its first two funds will be launched in early January abroad, and in the first quarter in Switzerland, pending FINMA approval. The institute Crypto Storage solution will be launched in April 2018.