European digital asset investment firm CoinShares has spent a substantial 24.7 million franc $26.5 million to jack up its stake in Swiss online bank FlowBank. The stake acquisition was approved by the Swiss Financial Market Supervisory Authority.
With the latest infusion, CoinShares has purchased an additional 20.28% stake in FlowBank, taking its total stake in the company to 29.3%. Moreover, CoinShares Chief Executive Officer Jean-Marie Mognetti will join FlowBank’s board of directors as part of the deal.
CoinShares previously acquired a stake of 9.02% in FlowB Holding in October last year, paying a total of $11.9 million to obtain the stake. At the time, the firm said it plans to allow customers to directly buy, HODL, and sell crypto and other tokenized assets from their FlowBank account.
In the latest press release issued Monday, CoinShares has revealed that FlowBank will leverage its proprietary technology platform ‘Galata’ to offer exposure to a variety of digital assets to its clients. Charles Henri Sabet, CEO and founder of FlowBank, commented:
“Today, FlowBank’s clients can invest in CoinShares’ crypto on CFDs and gain exposure to digital currencies in this way. This is only the beginning. We look forward to collaborating further with CoinShares in the coming months and taking our product offering to the next level, together.”