CoinShares, one of Europe’s largest and “longest standing” digital asset investment firms, announced that following obtaining approval from the Swiss Financial Market Supervisory Authority, it has “acquired an additional 20.8% stake in Swiss-based FlowBank.” This acquisition was “priced at CHF 24,740,000.”
Following the company’s October 2021 investment of a 9.02% stake in FlowBank, today’s disclosure (made on March 14, 2022) “brings CoinShares’ overall holding to 29.3%, with voting rights equal to 32.06%.”
CoinShares’ mission is to “enable access to digital assets through unparalleled financial service technology.” The company is “at the forefront of a generational shift catalyzed by the recent emergence of decentralized finance (DeFi), web3, and the further integration of blockchain technology into the traditional financial ecosystem.”
Since its inception, CoinShares claims to have been “a pioneer in the space of digital assets by offering a suite of financial products and crypto ETPs, enabling digital asset exposure for investors on traditional exchanges such as Euronext, Börse Xetra, Six Swiss Exchange.”
CoinShares continues to “advance this ambitious consumer focused strategy by collaborating with and investing in FlowBank to reach a broader investor market seeking a more advanced digital asset exposure.”
In order to support its own product innovation CoinShares built Galata, “a proprietary technology platform that acts as a gateway to the digital asset ecosystem, connecting CeFi platforms to digital asset protocols and markets.”
By leveraging Galata, FlowBank will be able to “take advantage of more advanced features and will offer exposure to a variety of digital assets to its clients.”
Following the investment, Jean-Marie Mognetti, CoinShares’ CEO, will “join FlowBank’s board of directors to advise on FlowBank’s digital asset strategy and international development.”
CoinShares investment in FlowBank brings together “trusted players in their respective markets and is a sign of industry transformation, which will benefit investors in Switzerland and beyond.”
Jean-Marie Mognetti, CEO of CoinShares, stated:
“After remarkable financial results in 2021, we continue to build an ambitious plan to make CoinShares an essential and leading player in the digital asset space. We are very excited to increase our participation in FlowBank, a key innovative player in Switzerland powered by a unique technology, and allow them to leverage our technology and digital asset expertise. This is aligned with our strategic plan to make CoinShares an integrated digital asset fintech company.”
He added:
“After remarkable financial results in 2021, we continue to build an ambitious plan to make CoinShares an essential and leading player in the digital asset space. We are very excited to increase our participation in FlowBank, a key innovative player in Switzerland powered by a unique technology, and allow them to leverage our technology and digital asset expertise. This is aligned with our strategic plan to make CoinShares an integrated digital asset fintech company.”
Charles Henri Sabet said:
“We are delighted that CoinShares continues to recognize and support FlowBank’s great potential and accomplishments and has decided to increase its stake in our bank. Today, FlowBank’s clients can invest in CoinShares’ crypto on CFDs and gain exposure to digital currencies in this way. This is only the beginning. We look forward to collaborating further with CoinShares in the coming months and taking our product offering to the next level, together.”