Crypto Finance gets funded to apply for Swiss banking license

Crypto Finance, an investment company based in Switzerland, has received pledges for around EUR 13.7 million from investors.

Investors include Rainer-Marc Frey and Philipp Cottier, who recently joined the company’s board. The fintech will use the money as regulatory capital to apply for a Swiss banking license. However, the application with Switzerland’s banking regulator, Finma, usually takes considerable time to conclude, the company added.

The company was founded in the summer of 2017 and has three segments – Crypto Fund, Crypto Broker and Crypto Storage, providing customers access to cryptocurrency investments.

The company plans to launch its first two funds in January 2018, first offshore and in Switzerland, following the Finma approval, presumably sometime during Q1 2018. The institutional crypto storage solution will go live in April 2018.