Crypto brokerage firm Bitcoin Suisse has raised around CHF45m ($48.9m) in a Series A funding round led by ex-Vontobel investment banking head Roger Studer.
Studer was joined by private investors and strategic business partners in the round.
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The infusion takes the firm’s valuation to CHF302.5m.
Studer now has a seat on the Bitcoin Suisse board alongside Giles Keating.
Keating was formerly the global chief economist for investment banking and private banking at Credit Suisse.
Separately, Bitcoin Suisse said it will hire Markus Perdrizat as its head of custody and the CEO of its subsidiary Swiss Crypto Vault in August.
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By GlobalDataPerdrizat was previously in charge of blockchain risk assurance practice at PwC Switzerland.
Meanwhile, Philipp Vonmoos, ex-CEO of Swiss Crypto Vault, will now be the head of Corporate Development & Strategy at Bitcoin Suisse.
Vonmoos will be tasked with coordinating preparations for the firm’s public listing.
Bitcoin Suisse CEO Arthur Vayloyan said: “The strength of our business model has so far allowed us to finance our ambitious growth strategy with our own revenues and cash flow. Taking advantage of a unique market opportunity, we will now further accelerate our growth.
“The proceeds from the capital increase will be used to scale our platforms and products, launch a new suite of crypto-financial and digital asset services, and seize opportunities to expand our international regulated footprint.
‘We are convinced that our integrated service offering will enable us to gain new client segments, introduce them to the digital asset space and unlock the potential for cross-selling.”
