CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
crypto.news 2024-12-10 18:36:51

Bitcoin-only app Relai secures $12m in new funding round

Relai, a self-custodial Bitcoin-only app, has raised $12 million in its Series A funding round, backed by several crypto-focused venture capital firms. The Switzerland-based app announced that Bitcoin ( BTC )-only venture capital firm Ego Death Capital contributed $4 million to the round. According to the Relai team, the oversubscribed funding round also attracted investments from Plan B Bitcoin Fund, Solit Group, and Timechain. “Despite the tough market conditions, our financing round was heavily oversubscribed. This fresh capital will massively accelerate our growth and support our mission to educate and onboard millions of Europeans to Bitcoin.” Julian Liniger, co-founder and chief executive officer of Relai Relai plans to use the funds to accelerate BTC adoption in Europe, focusing on streamlining buying, self-custody, and achieving regulatory approval. On the regulatory front, the startup aims to secure a Markets in Crypto Assets license as it targets a potential user base of 400 million across the European Union. If approved, Relai would become Europe’s first MiCA-compliant Bitcoin-only platform. With this funding round, Relai has now raised a total of about $20 million, pushing its valuation to $72 million. You might also like: Crypto VC funding: Public leads with $135m fundraise Relai secured $4.5 million in its seed extension round in March 2023. Recent developments, including adoption of Lightning Network and addition of Bitcoin on its balance sheet have come as the app sees increased usage across Europe. In 2021, Relai revealed its status as a regulated virtual asset service provider. As a member of the Swiss Financial Services Standards Association, a cross-industry self-regulatory organization, Relai is authorized to directly exchange euros and Swiss francs for BTC. The platform further strengthened its position in September 2023 by partnering with Swissquote Bank, a leading online banking and trading provider in Switzerland. Through this strategic partnership, Swissquote became Relai’s financial services partner. You might also like: Marathon parks $1.1b in Bitcoin after note sale

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.