Digital asset manager CoinShares has just purchased a 20.8% stake in Swiss regulated online bank FlowBank for about $26.5 million.
The transaction has been approved by the Swiss Financial Market Supervisory Authority.
The company has increased its shareholding in FlowBank to 29.3% with a 32.06% voting share together with the previous strategic investment CoinShares made in the bank October 2021.
As part of the deal, CoinShares CEO Jean-Marie Mognetti will have a seat in the bank’s board of directors.
The investment in FlowBank will allow CoinShares to expand access to digital assets for institutional investors through the bank’s customers.
FlowBank founder and CEO Charles Henri Sabet said:
“Today, FlowBank customers can invest in cryptocurrencies through CoinShares CFDs and thus gain access to digital assets. This is just the beginning. We look forward to further cooperation and together we will take our product offering to a new level.”