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Cryptocurrency custodian and brokerage firm Bitcoin Suisse has acquired a minority stake in CoinRoutes Inc., a provider of algorithmic trading software. Following the investment, the chairman of Bitcoin Suisse will join CoinRoutes as a board member for both its U.S. and Swiss entities.
In a blog post, Bitcoin Suisse revealed that it had invested $3 million in the Swiss-based trade automation and intelligence provider. The Swiss company has been using CoinRoutes’ software for over a year and has fully integrated it into its brokerage and trading platform, with stellar results.
With the crypto market being quite volatile, trading companies require intuitive trading software that allows them to maximize on the available opportunities. CoinRoutes has offered this to Bitcoin Suisse, the company revealed in its post, stating, “The usage of CoinRoutes smart routing technology allows Bitcoin Suisse to execute trades at best prices across all major crypto asset exchanges, with whom Bitcoin Suisse maintains close relationships as part of its prime brokerage services.”
Niklas Nikolajsen, the chairman of Bitcoin Suisse commented, “CoinRoutes provides important infrastructure for our operations and we have been absolutely satisfied with their technology for the past year. We are glad to have acquired both a firm partner and a large shareholder position in the company and we look forward to working closely together with CoinRoutes in the years to come and to help the company realize its full potential.”
Bitcoin Suisse has continued to cement its position as the leading crypto firm in Switzerland, a country that has fully embraced cryptocurrencies. As CoinGeek reported in July, the company applied for a banking license, seeking to “expand its offering with regulated services and products, thereby strengthening its position as a leading provider of crypto financial services.”
The move would not only cement the company’s position as a leading crypto financial services firm but also provide the industry with better alternatives to the current institutions. Crypto firms have struggled to secure even the most basic banking services, with many banks fearing regulatory backlash for associating with crypto firms.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
