Swiss crypto broker Bitcoin Suisse posted massive rises in both turnover and profit in 2020.
Zug-based crypto broker Bitcoin Suisse’s net profit surged to 24.1 million francs ($26.1 million) in 2020 from 2.4 million a year earlier but less than 2018’s 25.3 million, while its net revenues jumped to 60.3 million francs from 20.9 million.
It said its provisional results in the first quarter of 2021 were «very good». In a press release, Bitcoin Suisse said it enjoyed growth in all areas in 2020 and was continuing to invest in its infrastructure and fresh talent.
Security Token Offering
It added that the company had amended its articles of association to allow its shares to be tokenized at its annual general meeting last Friday. The shareholders also decided to create authorized capital. Both measures are pave the way for an upcoming security token offering and provide Bitcoin Suisse with the flexibility to raise additional funds should it so wish in 2022.
No Banking License
Back in March Bitcoin Suisse withdrew its application for a banking license after regulator Finma said it considered the company «ineligible for approval and that the prognosis is unfavorable,» Finma added that «among other things there are indications of weaknesses in the money laundering defense mechanisms.»
