Digital-asset investment firm CoinShares boosted its stake in FlowBank as it moves to extend its market reach.
- Jersey, Channel Islands-based CoinShares acquired another 20.8% of FlowBank for CHF 24.74 million ($26.5 million), according to a press release on Monday.
- Together with its existing stake, acquired in October, CoinShares now holds 29.3% of the Lancy, Switzerland-based bank, with voting rights of about 32%.
- CoinShares, which says it’s Europe's largest digital asset investment firm, has been expanding through acquisitions. Last July, it purchased Elwood Technologies’ exchange-traded fund (ETF) index business for $17 million in stock. In December, it bought French crypto investment product provider Napoleon Crypto SAS for €13.9 million ($15.7 million).
- The FlowBank purchase is “aligned with our strategic plan to make CoinShares an integrated digital asset fintech company,” CEO Jean-Marie Mognetti said in the press release.
- At the time of the earlier purchase, CoinShares said it planned to offer FlowBank customers the ability to directly buy, hold and sell cryptocurrencies, as well as other tokenized assets, directly from their accounts.
- Mognetti will join FlowBank’s board of directors to advise on digital asset strategy and international development.
- The purchase was approved by the Swiss Financial Market Supervisory Authority.
- The company said that FlowBank will be able to leverage its product called Galata, which is a gateway to the digital asset ecosystem, connecting centralized finance platforms to digital asset protocols and markets.
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