CoinShares Increased Its FlowBank Ownership Share To 29%

CoinShares increased its FlowBank ownership share to 29% and the latter will use CoinShares to offer crypto exposure to the clients that use contracts for the difference so let’s read furhter in today’s latest cryptocurrency news.

Coinshares is a digital asset management company that increased its stake in the Swiss online banking FlowBank platform following approval from the Swiss Financial Market supervisory Authority. As per the press release, the increased investment will facilitate the increased digital asset exposure for FlowBank’s clients by using the Coinshares platform. CoinShares’ stake in FlowBank was initially established in October of 2021 at 9.02%. The investment announced that it increase the share to 29.3% with the voting rights equal to 32.06%. The CEO of CoinShares Jean Marie Mognetti said:

“After remarkable financial results in 2021, we continue to build an ambitious plan to make CoinShares an essential and leading player in the digital asset space.”

She stated that the increased stake came in part of the plans to turn CoinShares into an integrated crypto asset fintech company. In the meantime, FlowBank’s CEO Charles Henri Sabet confirmed that the bank’s clients could gain more exposure to crypto using contracts for the difference which is a derivative that acts as a contract between the brokerages and traders. He added:

“We look forward to collaborating further with CoinShares in the coming months and taking our product offering to the next level, together.”

The Chief Strategy Officer at Coinshares is also quite big on Bitcoin’s future so while dismissing meme coins such as DOGE as mania or a bubble, she thinks Bitcoin is here to stay and that it can be transforming into a risk-off asset during the Russian-Ukrainian conflict.

According to a recent CoinShares report, BTC mining is responsible for less than 0.1% of the global carbon emissions and said that the emission costs of BTC are dwarfed by the benefits. It is hard to make the case that bitcoin mining is good for the environment per se but the research from Coinshares shows that the BTC mining carbon emissions and the impact is minimal compared to the global financial system. CoinShares sought to reframe the BTC energy debate and estimated that the mining network of the primary cryptocurrency was responsible for 41 megatons of CO2 emissions in 2021 which is up from the year before at 36 MT.