Renowned digital asset firm CoinShares has announced a strategic investment of $11.8 million in Geneva-based FlowBank, thus increasing its share capital by 9%. As of now, CoinShares has 110,000 shares of the Switzerland-based financial institution. Read on to find out more about this development.
Following the enormous investment, the digital asset firm is planning for the integration of its technology stack offering for FlowBank so that it can reap the benefits of CoinShare’s long-standing expertise. In a bid to enhance customers’ banking and investing experience, FlowBank is all set to move beyond traditional investment options.
The financial institution has committed itself to provide customers with trustworthy gateways to Decentralized Finance (DeFi). CoinShares, which was established in 2015, has reported a massive increase in profits from its business of providing services in the crypto management sphere.
Increase in comprehensive income
The first-quarter earnings of the 7-year-old digital asset manager rose by more than fourfold with an income of $39.4 million. Co-founder and CEO JM Mognetti has asserted that the technology stack of CoinShares has been the firm’s pillar of success since its very inception.
Having become licensed in July 2020, FlowBank utilizes leading financial technologies and allows investors to trade in international financial markets. In the year ahead, FlowBank aims to enable users to buy and sell cryptocurrencies straight from their bank accounts.
FlowBank’s association with Europe’s leading digital asset firm has solidified its international ambitions to pave the way for a seamless and innovative investment journey in the cryptocurrency sphere.