In a move that provides new avenues for accessing medium- to long-term liquidity, Relai has introduced the possibility for private, qualified investors to take out Bitcoin-backed loans.
The startup, founded in 2019, said in a statement that the offering will provide clients with liquidity in euros or Swiss francs without them having to sell their Bitcoin holdings.
According to the startup, the offering will provide wealthy private clients and SME customers with a new level of financial flexibility.
With this product, Relai becomes the first broker in Europe to enable Bitcoin-backed loans. No details regarding the loan conditions were disclosed.
This partnership with Sygnum Bank is a major milestone for us as a startup, said Julian Liniger, CEO and co-founder of Relai. Bitcoin-backed loans are a groundbreaking innovation for our high-net-worth clients. We are delighted to be the first to offer this unique service in Europe.
The startup, which has a crypto brokerage license from Switzerland's Financial Market Supervisory Commission, launched its services in 2020.
Earlier this year, the startup raised $10 million in a Series A funding round to expand its services to new markets. The startup's investors include renowned venture capitalists such as HV Capital and Blockchain.
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