Relai, a Switzerland-based app designed to facilitate bitcoin investment in Europe, has announced an increase of 2.5 million Swiss francs (approximately $2.778 million) in Series A funding led by Swiss venture capital firm Redalpine.
“Capital infusions will be used to build a leading bitcoin broker in Europe and obtain a financial intermediary license,” according to a Relai press release shared with Bitcoin Magazine. “The new funding round will enable Relai to build a private broker to efficiently process orders and deliver new offerings to investors 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, it has been downloaded more than 23,000 times and is actively used by more than 10,000 customers so far. With 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 choice, an important feature someone needs to “own” the bitcoin they buy through the platform. .
“We want to help accelerate mass adoption of cryptocurrencies by making it easier to access its flagship currency, Bitcoin,” Siad Peter Niederhauser, co-founder and partner at Redalpine, said in the release. “We look forward to being part of the journey and supporting this exceptional Swiss startup at an early stage in order to achieve global success.”