Crypto Finance, an investment firm based in Zug, has received new funds and will use the money as a basis to get a banking license.
Crypto Finance received pledges for 16 million Swiss francs from investors, the fintech firm said in a statement today (in German). Investors include Rainer-Marc Frey and Philipp Cottier, who recently joined the company’s board.
Banking License Application
Crypto Finance will use the money as regulatory capital to apply for a Swiss banking license, the company added. The application with Switzerland’s banking regulator, Finma, usually takes considerable time to conclude.
«It is crucial to position the company strategically to offer crypto investors an encompassing portfolio of financial services,» said Jan Brzezek, the CEO of Crypto Finance.
Product Portfolio
The company was founded in the summer of 2017 and has three segments – Crypto Fund, Crypto Broker and Crypto Storage, providing customers an easy access to crypto-currency investments.
The company will launch its first two funds in January, first offshore and – following the Finma go-ahead – in Switzerland, presumably sometime during the first quarter. The institutional crypto-storage solution will go live in April 2018.
