The sale of Crypto Finance Group is one of the most significant transactions in the Swiss financial hub in recent years and an affirmation of the pioneering business in Crypto Valley. The only thing to think about is that this confirmation comes from the outside.
Jan Brzekwho founded the Crypto Finance Group to bridge the gap between the traditional banking world and the digital world of crypto assets, and his team has achieved a tremendous achievement.
Started in 2017, Brzezek Crypto Finance has built a company whose majority shares were worth “a mid-three-digit million sum” to DAX Deutsche Börse Group this week, in just five years.
More than 250 out of 100 million
According to information from finews.ch Deutsche Börse paid CHF250m instead of CHF100m for a two-thirds majority, which would have given Crypto Finance Group a valuation of around CHF400m.
The Swiss startup scene has never seen such an exit – even as a Crypto Finance co-founder and CEO Tobias Richmuth in conversation finews.ch Emphasizing: “We were not looking for a way out. A financing round was planned to accelerate our growth in all areas. We have been in touch with Deutsche Börse for more than two years.”
Pioneering achievement, but also dreams for the future
In addition to entrepreneurial performance, there is also a big pie in the sky in this assessment: Deutsche Börse is fully committed to building a “digital asset ecosystem” – unlike many voices in the international financial scene who continue to speak out, ignoring ether and other digital assets as wild and fleeting speculation or even as a “Ponzi scheme”.
From the point of view of the Swiss financial center – or in New German: the Swiss financial system – the deal is remarkable in several respects.
Real added value from Crypto Valley
First, it shows that the pioneering work in Zug Crypto Valley in the interaction between entrepreneurs, politicians and regulators has created real added value. In any case, in Germany or elsewhere in Europe, Deutsche Börse has not found what it is looking for as a tried and tested digital asset player.
Secondly, the acquisition may have caused the valuations of other crypto providers such as banks Sygnum and Seba, which are currently in the process of a funding round, as well as Bitcoin Suisse or infrastructure providers such as Taurus or Metaco to increase again.
Swiss Bridges do not want to succeed
No director is looking for now, like Sygnum CEO Matthias Embach He said: “Sygnum is in a strong financial position and is growing strongly at the moment. We will continue to implement our strategy for the benefit of our customers, shareholders and employees. »
Third, it should be noted that building bridges between the Old World and the New is not really successful, at least in Switzerland. Brizek did an interview a few weeks ago finews.ch Still waving the fence, he called the partnership with UBS “very reasonable”.
A hesitant attitude that is difficult to understand
But neither UBS nor Credit Suisse nor SIX wanted to buy the ticket into the “digital asset ecosystem” with Crypto Finance Group – but Deutsche Börse.
Mattia RatagiChairman and Co-Founder of Ficas, the first actively managed cryptocurrency ETP, finds the Swiss banking center’s indecisive stance regarding the adoption of cryptocurrencies as an asset class increasingly difficult to understand, he said. finews.ch Says.
“Especially if you compare this to the already active major US banks like Wells Fargo or JP Morgan, or Spain’s BBVA, which are now offering Bitcoin trading in Switzerland.”
More mergers and acquisitions to come
The fact is that major international financial institutions are undergoing a high-risk upgrade to provide infrastructure and services to crypto clients. The quick way to get there is through collaborations and acquisitions — and thanks to their groundbreaking work, Swiss crypto and blockchain companies are ideal for this.
So did the famous American investor last May Cathy Wood Join Zug-based crypto company 21Shares to pave the way to the US market.
More transactions of this nature wouldn’t surprise anyone in the Swiss crypto scene. However, if the “old” Swiss financial center does not move faster, the best parts of the “new” Swiss financial center may soon be out of reach.
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