SwissBorg, an application that helps its users to invest in cryptocurrencies, wants to raise 24 million francs. It has some leeway because its main competitors have gone bankrupt. The leaders of SwissBorg want to take advantage of the competitive vacuum to strengthen their hold on the cryptocurrency market in Europe.
Swissborg, a resilient centralized exchange
What can drive a centralized exchange to attempt a fundraiser during a bear market? Especially since several CEXs suddenly disappeared, leaving investors speechless. FTX, BlockFi, Voyager, and Celsius are a few crypto companies that have gone bankrupt recently. They have therefore left a great void that SwissBorg wants to hasten to fill. But to expand its operations, the exchange will need money. Hundreds of thousands of people already make up a strong Swissborg community.
Company leaders rely on this community to raise 24 million Swiss francs, or approximately $25.8 million. According to Balance sheet, SwissBorg has chosen a valuation of 500 million francs. The site goes on to announce that the 24 million to be raised will be divided into tranches of 8 million between Swiss, British and other European Union investors. The operation was launched on December 13 and is called series A. It will allow SwissBorg to increase its portfolio of services and recruit new employees.
Swissborg, a successful cryptocurrency exchange
“Voyager wanted to redeem us, today they are gone and we are still here. These are the words of Cyrus Fazel, CEO of Swissborg. They reveal the great confidence he has in his company. It should not be forgotten that Swissborg had raised a record amount of 50 million francs during its ICO. In addition, his company is among the dominant crypto exchanges in the European market that are resisting the bear market. The exchange is on track to break records. In fact, he recorded 2,000 investors 2 hours after the start of its Launchpad.
Conclusion
Swissborg has only 700,000 users. It is still a small exchange compared to Crypto.com which has 50 million and Binance with 80 million users. But a window is opening for trading on the European market. Especially since the EU is increasingly considering adopting laws to organize the crypto industry.
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