Bitcoin Suisse acquired a $3 million minority stake in trade intelligence firm CoinRoutes. This marks the next step in Bitcoin Suisse’s expansion plans after the opening of the subsidiary in Liechtenstein.
In a recent announcement, Bitcoin Suisse said it had acquired a minority stake in CoinRoutes Inc., a US/Switzerland-based trade automation and trade intelligence provider. Niklas Nikolajsen, the Chairman of Bitcoin Suisse Group, became a member of the board of directors of CoinRoutes’ United States and Swiss entities. The total deal volume was $3 million.
Bitcoin Suisse “absolutely satisfied” with CoinRoutes’ software
Bitcoin Suisse explains that as a crypto brokerage firm, “the efficient handling of client orders is key and requires sophisticated trading systems which involve smart routing of orders and fast trade execution.” The company had already used CoinRoute’s software for more than one year and has integrated it into its own brokerage trading platform. As Bitcoin Suisse is convinced of the quality of CoinRoute’s software, it has invested directly into the company’s US entity.
CoinRoutes’ Smart Order Routing and patent-pending Consolidated Best Bid & Offer (CBBO) technology provide traders a unified view of all cryptocurrency markets with the ability to trade on multiple exchanges in one transaction. The system offers several analytics tools and scans all markets to determine the optimal package of orders to route to each, to satisfy a single aggressive client order.
Nikolajsen commented on the deal, “CoinRoutes provides important infrastructure for our operations and we have been absolutely satisfied with their technology for the past year. We are glad to have acquired both a firm partner and a large shareholder position in the company and we look forward to working closely together with Coinroutes in the years to come and to help the company realize its full potential.”
Bitcoin Suisse expands rapidly
Bitcoin Suisse has been expanding rapidly over the last year. In December 2018, it launched its Liechtenstein subsidiary Bitcoin Suisse Liechtenstein AG, headed by Mauro Casellini. As Liechtenstein is a member of the European Economic Area, whereas Switzerland is not, it serves the company as a base to passport its services into other European countries. Moreover, the approval of the Blockchain Act was one of the primary reasons for the company to venture into Liechtenstein.
Casellini commented, “The positive decision without dissent from the Liechtenstein government shows the importance of the ‘Blockchain Act.’ The TVTG [the Act on Tokens and Entities Providing Services Based on Trusted Technologies] not only creates legal certainty for all market participants but also heralds a new era, the token economy. With its pioneering role, Liechtenstein proves once again that it is the ideal location for FinTech and Blockchain companies and thus for us, too, in the heart of Europe.”
Bitcoin Suisse has also announced a partnership with Switzerland-based fintech Amun to launch a new cryptocurrency exchange-traded product on the Swiss stock exchange SIX. In July, Bitcoin Suisse applied for a banking and securities dealer license with Switzerland’s finance regulator Finma. Currently, the company is regulated as a Swiss financial intermediary (SRO) and is a VQF member.
What’s next? – Let’s see. The first thing you will notice at Zurich airport arrivals, right after the baggage claim, is a Bitcoin Suisse advertising banner. The company has a big vision, and expanding internationally seems to be part of it.