CoinShares expands FlowBank stake with $26.5M purchase
03/14 11:25
According to CoinDesk, Jersey, Channel Islands-based CoinShares acquired another 20.8% of FlowBank for CHF 24.74 million ($26.5 million).
Together with an existing stake, acquired in October, CoinShares now holds 29.3% of the Lancy, Switzerland-based bank, with voting rights of about 32%.
CoinShares, which says it’s Europe's largest digital asset investment firm, has been expanding through acquisitions. In July 2021 it purchased Elwood Technologies’ exchange-traded fund (ETF) index business for $17 million in shares. In December it bought French crypto investment product provider Napoleon Crypto SAS for €13.9 million ($15.7 million).
The FlowBank purchase is “aligned with our strategic plan to make CoinShares an integrated digital asset fintech company,” CEO Jean-Marie Mognetti said in the press release.
At the time of the earlier purchase CoinShares said it planned to offer FlowBank customers the ability to directly buy, hold and sell cryptocurrencies, as well as other tokenized assets, directly from their accounts.
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