In a press release, Bitcoin Suisse AG has applied for a banking license to the FINMA (Swiss Financial Markets Supervision Authority) according to the Swiss Banking Act Art. 1 along with securities dealers’ license, which is regulated under the Stock Exchange and Securities Trading Act (SESTA).
Bitcoin Suisse, which was founded in 2013, is known for providing crypto-financial services. The company has played a major role in the development of crypto-and blockchain-ecosystem in Switzerland. As a regulated Swiss financial intermediary (SRO – VQF member), Bitcoin Suisse offers prime brokerage, storage, lending, and other crypto financial services.
“These licenses would allow Bitcoin Suisse to further expand its offering with regulated services and products, thereby strengthening its position as a leading provider of crypto financial services,” they added in the release.
Application for Swiss Banking License submitted to the FINMA.
We took this step to further expand our offering with regulated services and products and thereby strengthening our position as a leading provider of crypto financial services.
More information: https://t.co/jwT6FnFC05 pic.twitter.com/czVWXqQyBs
— Bitcoin Suisse (@BitcoinSuisseAG) July 16, 2019
Milestone achieved by Bitcoin Suisse in recent months:
- Key Financials: Bitcoin Suisse reported revenue of CHF 44m, a net income of CHF 25m and total equity of CHF 50m in their financial year. The equity of Bitcoin Suisse is projected to further grow in 2019.
- Bank Guarantee: As part of Swiss banking guidelines, the company has deposited CHF45 million (soon to be extended to CHF 55m) – an equivalent amount in USD – as collateral for a default bank guarantee. These holdings will help secure clients’ fiat and pooled crypto deposits.
- New Products: In 2019, the firm has extended its list of tradable assets to 125 cryptocurrencies, enabling more than 6,000 trading pairs. Further, It has also started providing large scale crypto-asset collateralized lending/credit to private and institutional clients. In 2019, the number of banks and institutional clients served by Bitcoin Suisse with a prime brokerage, antimoney laundering services, and blockchain analysis, has increased substantially.
- Storage: Swiss Crypto Vault AG, part of the Bitcoin Suisse Group, provides hyper-secure storage for crypto assets, with a storage volume of more than USD 1bn (June 2019).
- Organizational Growth: In the last two years, Bitcoin Suisse has grown to more than 90 experts with a unique combination of crypto-, IT-, banking-, legal-, risk- and compliance know-how and experience. Bitcoin Suisse added a Liechtenstein office to its group and is now represented with offices in Zug, Copenhagen, and Vaduz.