Bitcoin Suisse, a crypto-broker and pioneer of the crypto valley in Switzerland, is looking to expand its services in the Swiss crypto market by taking the company public through an Initial Public Offering (IPO)
Local media Finews reported Monday that the company’s management is currently working towards the launch of an IPO offering which will give Bitcoin Suisse the upper hand against the other “big three” in claiming the lion’s share in the Swiss crypto market.
However, the precise date of the IPO launch is still unclear as there are two important steps the company needs to take.
The first is to obtain a banking license. Earlier in July 2019, Bitcoin Suisse had applied for a banking license with the Swiss regulator, which the firm expects to receive sometime this year.
The second step, according to the report, is to increase the company’s capital. According to the CEO of Bitcoin Suisse, Arthur Vayloyan, the company seeks to raise about 40 million Swiss francs from its investors.
The purpose of this capital increase is to meet the demands made by the regulators regarding the amount that a company is required to have as a backup for its business.
Nicklas Nikolajsen, executive chairman and co-founder of Bitcoin Suisse added, “The balance sheet of the company is already very solid. But it isn’t sufficient to satisfy the demand for our services.”
The other big three, Seba Crypto, Sygnum, and Crypto Finance Group, are also planning to raise their capital in order to meet the regulatory requirements.
Seba Crypto announced that it seeks to raise about 100 million francs in the first half of the year from its investors since it already has a banking license.
Crypto Finance Group also has the objective of increasing capital in order to meet the requirements for its securities license.
