As it seeks to expand its market reach, CoinShares, a digital asset investment business, increased its position in FlowBank. CoinShares purchased another 20.8 percent of FlowBank for CHF 24.74 million ($26.5 million), according to a press release issued on March 14. After acquiring an existing investment in October, CoinShares currently owns 29.3 percent of the Lancy, Switzerland-based bank, with around 32 percent of the voting rights.
Through acquisitions of other companies, CoinShares, which claims to be Europe’s largest digital asset investing business, has grown. Elwood Technologies’ exchange-traded fund (ETF) index business was bought for $17 million in shares in July 2021. It paid €13.9 million ($15.7 million) in December for the acquisition of Napoleon Crypto SAS, a French crypto investment product provider. According to CEO Jean-Marie Mognetti, the FlowBank acquisition is aligned with our strategy to create CoinShares, an integrated digital asset fintech organisation.
At the time of the previous acquisition, CoinShares stated that it intended to provide FlowBank users the opportunity to immediately buy, hold, and sell cryptocurrencies, as well as other tokenized assets, from their accounts.
Mognetti will join the board of directors of FlowBank to assist with digital asset strategy and worldwide expansion. The Swiss Financial Market Supervisory Authority authorised the deal. According to sources, FlowBank will be able to use Galata, a gateway to the digital asset ecosystem that connects centralised banking platforms to digital asset protocols and marketplaces.