Swiss Bitcoin Startup Relai Builds Proprietary Broker

The investment app has become a regulated Virtual Asset Service Provider, allowing it to provide BTC brokerage services in Europe.

Bitcoin investing app Relai has become a regulated Virtual Asset Service Provider (VASP) in Switzerland, allowing it to provide bitcoin brokerage services to customers in the country and Europe, according to a press release sent to Bitcoin Magazine. The startup, now a partner of the Financial Services Standard Association (VQF), will be able to provide more efficient order processing and cease reliance on third-party exchanges.

“We are excited to be one of the few Swiss bitcoin startups who are members of VQF, allowing us to build Europe’s leading bitcoin brokerage platform,” said Julian Liniger, co-founder and CEO at Relai. “With our own broker, we will be able to set competitive fees, increase order efficiency, and build new products and services for our users.”

Relai acquired the VQF membership to build an in-house brokerage platform, no longer needing to outsource trade execution. Now, the firm will be able to provide customers with the direct exchange of euros and Swiss francs for bitcoin and vice versa, ceasing reliance on third-party businesses.

The Swiss startup provides customers in Europe with instant access to bitcoin purchasing and selling services without creating an account or submitting personal information. Relai doesn’t require registration, and customers don’t have to endure verification processes or extensive document requirements.

Under the previous model, however, Relai customers were limited to purchasing approximately $1,100 per day and $110,000 per year. But since becoming a VASP in Switzerland, the company can now enable more significant purchases, which would require more personal information to be submitted by users.

The news comes to fulfill Relai’s plans first set out in June. That month, the company raised $2.7 million in a Series A round, which it said would fund projects to build a proprietary broker. Other objectives shared by the company include obtaining a financial intermediary license and providing new offerings for investors looking to buy large amounts of bitcoin.


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Swiss Bitcoin Investment App Relai Raises $2.7 Million

Switzerland-based bitcoin investment app Relai raised more than $2.7 million in a series A round and now seeks to build a proprietary broker.

Relai, a Switzerland-based app designed to make bitcoin investing simple in Europe, has announced a raise of 2.5 million Swiss francs (roughly $2.778 million) in series A funding led by Swiss venture capital firm Redalpine.

“The capital injection will be used to build the leading bitcoin broker in Europe and obtain a financial intermediary license,” according to a Relai press release shared with Bitcoin Magazine. “The new financing round will enable Relai to build a proprietary broker for efficient order processing and provide new offerings for investors who are looking to buy large amounts of bitcoin.”

In addition to Redalpine, Polytech Ventures, Fulgur Ventures and ACE & Company contributed to the series A.

Relai was launched in July 2020 and, according to the release, has been downloaded more than 23,000 times and is being actively used by more than 10,000 customers to date. Following this funding and the potential to build its own brokerage capabilities, Relai hopes to give users the ability to transfer bitcoin directly to wallets of their own choice, a critical feature needed for someone to truly “own” the bitcoin that they buy through the platform.

“We want to help accelerate the mass adoption of crypto by easing access to its leading currency, bitcoin,” siad Peter Niederhauser, cofounder and partner at Redalpine, per the release. “We look forward to being part of the journey and to supporting this exceptional Swiss early-stage startup in achieving global success.”


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