Bitcoin Broker Partners With Sygnum
Bitcoin broker Relai has launched an offering in collaboration with Swiss-based Sygnum Bank which also maintains a significant presence in Singapore. Those looking to access short- to medium-term liquidity from their Bitcoin holdings can now do so through Lombard loans.
Relai is introducing the possibility for private, qualified investors to take out Bitcoin-backed loans. The aim is to provide clients with liquidity in euros or Swiss francs without having to sell their Bitcoin holdings.
According to a statement from the startup, founded in 2019, the offering provides 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.
Milestone For A Startup
This setup allows clients to continue betting on a potential upward trend in Bitcoin’s value or to avoid triggering taxable events, the company adds.
«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, as they give them access to cash without having to sell their Bitcoin.»
