The battle between four famous firms, Seba Crypto, Sygnum, Bitcoin Suisse, and Crypto Finance Group, undoubtedly will intense in 2020. All the firms are vying on who will secure the lion share of the cryptocurrency market in Switzerland.
In this quest, Bitcoin Suisse, the pioneer of the crypto valley in Switzerland announced today, its plans to go public. In an interview with a local news outlet, Finews, the company plans to conduct an Initial Public Offering (IPO).
The two managers of Bitcoin Suisse, Niklas Nikolajsen, and Arthur Vayloyan, failed to come up with the actual date for the IPO. However, the IPO is quite vital and could give them a better chance to reach their target.
Nikolajsen said, “We have to think ahead over a couple of steps. And one of those steps means going public.”
Through the IPO, Bitcoin Suisse plans to raise 40 million Swiss francs ($41 million) from investors; granting it a war chest of some 100 million francs by mid-2020. Already, the company had generated some 55 million francs in net assets.
Bitcoin Suisse Needs a Banking License, Enough Capital
Meanwhile, two obstacles need to be addressed before Bitcoin Suisse can commence an eventual IPO. This includes a banking license and a capital increase.
The new capital is vital if at all, the company should meet the demands from the regulator on the total amount a firm need as back up for its business. Bitcoin Suisse needs more capital to expand its activities, which is why it is ultimately aiming to go public.
For the banking license, Bitcoin Suisse already filed for a banking license in July 2019, with the Swiss regulator. The license is expected to be granted later this year.
On the other hand, two other contesting firms already got their banking license in 2019, while the Crypto Finance Group is yet to obtain a license as a securities trader. Seba Bank and Crypto Finance Group have similar plans to raise additional capital to satisfy the Swiss regulator.