Switzerland-based blockchain and digital assets firm Crypto Finance has raised CHF 16 million (€13.7 million) from Swiss financial investors including Rainer-Marc Frey and Dr Philipp Cottier.
Founded earlier this year and based in Switzerland’s Crypto Valley, the company provides services for investing, storing, and trading crypto assets through its three divisions – Crypto Fund, Crypto Broker, and Crypto Storage. The new funding will be used to get in line with regulations and apply for a banking license from Swiss finance regulator FINMA.
CEO Jan Brzezek said in a statement that this will take some time but is of “critical importance” if the company wants to “offer a full range of financial services to crypto investors.”
The round will strengthen its networks among investors and the finance sector, it added.
“With this additional capital, Crypto Finance AG is now geared towards bringing much-needed professionalism to the crypto and blockchain market,” said Dr Philipp Cottier, who sits on the board.
It will launch its first two funds in early 2018 and the crypto storage solution in April.