Switzerland-based digital asset service company Bitcoin Suisse has successfully raised nearly $50 million in a Series A financing round. The company plans to utilize the funds to enhance its staking services and custodial solutions before initiating an STO.
Bitcoin Suisse Raises $50M
As CryptoPotato reported in May, Bitcoin Suisse AG planned to hold new funding round to raise about CHF 45 million ($48 million). Earlier today, the Swiss organization announced the successful completion of the financing round, which has pushed the firm’s total valuation to over CHF 300 million (approximately $327 million).
Roger Studer, former Head of Investment of the private bank Vontobel, led the financing round with a “significant number of private investors, strategic business partners, and clients.” Prior to the funding, Studer became a member of the Board of Directors in Bitcoin Suisse.
The majority of the funds will be allocated towards the expansion of the current business operations from the company, such as staking and custodial services.
“The Series A fundraising we have concluded today is a milestone in the history of Bitcoin Suisse. The strength of our business model, experience, and the attractiveness of our strategy, and business plan have now been validated by the market and by the investors. We greatly value the trust placed in us by our new – and current investors, the majority of whom are longstanding partners and clients of Bitcoin Suisse.
Seven years after founding our company, we are firmly on track to become the first European unicorn in the digital asset industry.” – commented Niklas Nikolajsen, Chairman and Founder of Bitcoin Suisse.
A “unicorn” status for the company would mean reaching a total valuation of over $1 billion – a longstanding goal for Bitcoin Suisse.
Strong First 2020 Half And Upcoming STO
The statement also highlighted the company’s impressive performance since the start of the new decade. Apart from the successful fundraising and appointment of new Board Members, the announcement informed that Bitcoin Suisse has “secured a bank guarantee from a top-tier Swiss cantonal bank.” It totals at precisely CHF 45 million and offers insolvency protection for client assets deposited at the company.
Bitcoin Suisse CEO Dr. Arthur Vayloyan noted that upon completing the financing round, the firm can now focus on developing and releasing new products, including an STO:
“Building on our talent, technology, and capital, we will now initiate our next growth phase, which will lead our firm towards a security token offering (STO) and a public listing.”