Swiss Post’s financial subsidiary, Postfinance, has launched a new cryptocurrency trading and custody service. Customers can use the service to “purchase or securely store an initial range of 11 cryptocurrencies at the click of a mouse or even set up a crypto saving plan,” the company explained. Postfinance’s New Crypto Service Swiss Post’s fully-owned financial […]
Bitcoin News
21Shares Parent Firm Becomes Switzerland’s Crypto Giant As Gets Valued At $2B
The popularity of crypto sector is climbing higher daily. More companies are diving into the industry, given its high potential for making more profits than most conventional assets. These emerging firms notably impact the system by providing unique crypto-related products and services.
For the success of most of their projects, some of these crypto service firms engage in fundraising. These processes have become one of the famous activities that occur in the crypto industry.
Such rounds usually help them generate most of the required funds to facilitate their ongoing or future projects. Other top shots in the crypto space usually facilitate and support these rounds for upcoming firms.
In a new development, 21.co, the parent company of 21Shares, disclosed its recently concluded fundraising round. According to the crypto ETF issuer, Marshall Wace pioneered the round, which generated about million in the end.
This recent fundraising round marks the first of its kind for 21.co in the past two years. Besides Marshall Wace as the leading company, other firms participated in the fundraising. These include Quiet Ventures, Valor Equity Partners, Collab+Currency, and ETFS Capital.
21.co Got Increased Valuation Through Fundraising
With the realized fund from the round, 21.co got a spike in its valuation, which is currently at billion. The firm maintained that it climbed a better positive ladder that will facilitate an increase in its performance. Also, through the fundraising round and rise in valuation, 21.co now stands as the largest cryptocurrency unicorn in Switzerland.
The subsidiary firm has been creating supportive moves for the activities of its parent operations. 21Shares added different tasks that would assist 21.co in its expansion goals in the Middle East and some European nations.
Also, 21Shares moved into the US market in May by launching two different private funds. Those funds are meant to bring crypto-asset exposure to accredited investors.
The Firm Focuses Towards Crypto Market Expansion
Through its announcement, 21.co disclosed its new focus based on the increased valuation. It reported that operations while focusing on its products would drive rapid and enhanced growth. Also, it promised to include the acquisition of strategic talents and key market expansions.
Cryptocurrency market to recover above trillion | Source: Crypto Total Market Cap on TradingView.com
Additionally, the ETF issuer has drawn more plans to introduce institutional and retail investors to the asset class. The firm has decided that take regulatory compliance as its watchword. Hence, it will also follow the regulatory standards within its region of operation.
Recall that by the end of 2021, 21.co’s revenue record was at the level of billions. Also, its performance during the crypto winter was not too bad. The firm could hold on to its anchor through the storm and still recorded sustainable inflows in operations.
Featured image from BBC, chart from TradingView.com
NewsBTC
Switzerland’s FINMA Updates Money Laundering Rules, Tightens Crypto Transaction ID Requirements
The post Switzerland’s FINMA Updates Money Laundering Rules, Tightens Crypto Transaction ID Requirements appeared first on DCEBrief.
Exec Who Launched PwC Switzerlands Blockchain Division to Become CFO at Tezos
n The man who launched a blockchain and cryptocurrency assurance division for PwC in Switzerland is joining Tezos as chief financial officern
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Switzerlands SIX Stock Exchange Is Working on a Swiss Franc Stablecoin
SIX, the Swiss national stock exchange group, is working on creating its own stablecoin pegged to the Swiss franc.
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Switzerland’s Largest Stock Exchange Launches Ethereum ETP
Just over a week after launching a Bitcoin exchange traded product, SIX Swiss Exchange has announced an Ethereum ETP. The new financial products trading at the largest stock exchange in Switzerland have been issued by Amun AG, a digital currency startup based in crypto-friendly Swiss alpine town of Zug.
Neither the Ethereum ETP announced today or the Bitcoin one launched at the end of last month is a first for SIX and Amun AG, however. The startup helped the exchange launch the HODL5 fund – an index of five leading digital assets – at the end of 2018.
Is Swiss ETP a Sign of Ethereum Going Institutional Along With Bitcoin?
Swiss crypto startup Anum AG and the nation’s largest stock exchange, SIX, have announced the launch of an Ethereum exchange traded product (ETP) according to the latter’s website. The news comes a matter of days after the exchange first listed its Bitcoin exchange traded product.
The Ethereum ETP will be listed under the symbol AETH. Meanwhile, the Bitcoin one is referenced as ABTC. SIX will charge a 2.5 percent management fee for traders buying and selling either product. Both are also to be traded against the US dollar.
SIX Swiss Exchange previously launched a basket of five major cryptocurrencies to give investors exposure to the market without requiring technical knowledge of digital asset storage or the risk that it can entail. HODL5 is comprised of Bitcoin (BTC), XRP, Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). The percentage included of each in the index corresponds to the relevant crypto’s market share and is adjusted each month.
![](https://www.newsbtc.com/wp-content/uploads/2019/03/six-swiss-exchange-ethereum-crypto-bitcoin.jpg)
The AETH and ABTC ETPs by SIX should not be confused with ETFs.
Those who remember the launch of SIX’s previous exchange traded product last November might recall that there was a lot of confusion over the difference between an exchange traded fund, like those much-anticipated examples proposed by the Winklevoss Twins and VanEck, and the ABTC, AETH, and HODL5 ETPs offered by SIX.
An ETF is a special type of ETP. There are already examples of crypto ETPs even serving the US market. The Bitcoin Investment Trust by Grayscale Investments is one. Since the SEC or other relevant financial regulatory body (FINMA in the case of Switzerland) does not need to approve an ETP, they are easier to create.
Likewise, however, because ETPs such as those launched by SIX do not need the same approval as those ETFs currently being considered by the SEC, they are not seen as such a potential catalyst for big sentiment shifts in the Bitcoin and surrounding cryptocurrency markets as “the ETF” is. This is because a green lighted ETF would be deemed to be approval of the asset class by one of the planet’s largest financial regulators. Since the SEC’s rulings are often followed world wide, it would make it more likely that other jurisdictions would adopt similar, crypto-friendly policies going forward.
Related Reading: 58% of US Investors Would Invest in Bitcoin via ETF: Major Hedge Fund
Featured Images from Shutterstock.
The post Switzerland’s Largest Stock Exchange Launches Ethereum ETP appeared first on NewsBTC.
Switzerland’s ‘Crypto Valley’ Zug Ranked ‘Fastest-Growing’ Tech Hub in Europe
n The Swiss city of Zug, home to crypto and blockchain development hub Crypto Valley, has been ranked the fastest-growing tech community in Europen
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Switzerland’s Largest Trading Exchange SIX Eyeing Blockchain Future
The post Switzerland’s Largest Trading Exchange SIX Eyeing Blockchain Future appeared first on DCEBrief.
Bitmain Sets up Shop in Switzerland’s Crypto Valley
Bitcoin companies are always looking to expand their presence. This is especially true for mining hardware manufacturers. Bitmain is the number one company in this particular industry right now. They recently announced a plan to set up shop in Zug, the Crypto Valley capital. An interesting decision by the Chinese company. It is evident this little part of Switzerland has attracted a lot of attention in quick succession. It may even become the European hub of all cryptocurrency activity.
Crypto Valley has quickly become a phenomenon in the cryptocurrency world. This minor part of Switzerland is very open-minded to blockchain and digital currencies. It’s also possible to pay for some public services using Bitcoin. Furthermore, the local “government” introduces a code of conduct for ICO projects not too long ago. The positive momentum just keeps trucking along in the Crypto Valley. Especially now that Bitmain has decided to open a branch in Zug as well.
Crypto Valley Welcomes Bitmain
For the Chinese manufacturer, this is not their first overseas expansion. The company has offices in various countries around the world as we speak. Adding Switzerland to this list simply makes sense at this point. More specifically, the global expansion for Bitmain means gaining a foothold in Europe as well. Right now, Crypto Valley in Switzerland is the place to be for anything cryptocurrency-related. In the long run, this new hub will allow the mining hardware manufacturer to provide better services to their customers.
Bitmain is confident their Swiss branch will play a critical role in the company’s ongoing global expansion. Although the manufacturing of devices will remain in Chinese hands, a European office helps move things along rather nicely. Zug is one of the regions with “good legal stability and friendly regulation”, according to the company. So far, Crypto Valley has made a lasting impression on the cryptocurrency industry. Whether or not other European regions will follow this example in the future, remains to be determined.
The current plan of action involves Bitmain offer a higher employment rate throughout Crypto Valley. Additionally, they want to actively communicate with self-regulatory organizations and Finma as well. For now, it remains a bit unclear what types of services the manufacturer will provide in Switzerland. Many people tend to forget they also have various software products which can be of great interest. An exciting future lies ahead for Crypto Valley and Bitmain.
The post Bitmain Sets up Shop in Switzerland’s Crypto Valley appeared first on NewsBTC.