Crypto firm raises massive stake in young Geneva bank
At Flowbank, founded in 2020, there is a shift in the shareholder base. A fintech that got on board in October increases its stake – and thus holds almost as much in the Geneva online bank like their founder and CEO.
British digital asset firm Coinshares International has increased its stake in Geneva-based online bank Flowbank. The company has therefore taken over a further 20.28 percent of the shares in Flowbank, as from a Message from Monday emerges.
Shareholder joins the board of directors
Coinbase had already bought 9.03 percent of Flowbank shares in October. According to the agency «Blumberg» (many articles) the most recent acquisition has a volume of 24.7 million Swiss francs.
With the stake now at 29.3 percent, the digital asset investment firm will become the main shareholder alongside the bank’s founder and CEO Karl Henri Sabet. He holds voting rights of 32.06 percent. The boss of CoinsharesJean Marie Mognetti, will serve on Flowbank’s board of directors as the representative of the largest minority shareholder, the company said.
Access to crypto investments
The aim of the participation is to deepen the cooperation, it was said. Flowbank customers can already invest in cryptocurrencies from the range of Coinshares via CFD contracts. “We look forward to deepening our collaboration with Coinshares in the coming months and taking our product offering to the next level together,” says Sabet.
The move is in line with the strategic goal of shaping Coinshares into an integrated fintech company for digital assets, according to Coinshares CEO Mognetti.
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