The "first European cryptobank" adds a player in traditional finance among its investors. Quite a symbol.
Just five months after raising €15 million, Coinhouse is back in the news with a €40 million round. Among the new investors, a player in traditional finance, the Franco-German private bank Oddo BHF. Quite a symbol for the Coinhouse platform, which has never been intended to make cryptos a new decentralized financial framework and far from traditional finance. Its leitmotiv: to become "the first European cryptobank"..
A cost-effective model
With 500,000 individual customers and more than 1,000 corporate customers, Coinhouse has no trouble finding funds. It must be said that since October 2020, it claims that its model is profitable. Largely thanks to its activity of consulting and supporting companies, which seek to get closer to digital assets by marketing motivation (purchase of land in the metaverse) or economic (hold cryptocurrencies).
Coinhouse, the only French player (PSAN) known internationally against Coinbase, Binance, Crypto.com and others, does not weigh at all the same weight as its competitors. But with its cryptobank approach and a solid model, it is one of those rare players not to encounter big difficulties in these times of market rout. Coinbase, on the other hand, is in a very delicate position.To retain its customers and smooth out the periods of overall decline in crypto transactions, Coinhouse offers savings books at an annual fixed rate between 5 and 6%.
The investment program at Coinhouse will focus in particular on new products. We can foresee the arrival of payment solutions as well as a secure solution to store its cryptocurrencies with strong guarantees. Indeed, the most experienced customers prefer to save their digital assets on physical keys such as those of Ledger, or personal wallets such as Metamask. As a reminder, Coinhouse is also working with Societe Generale and Casino on a stablecoin backed by the euro.
Speaking about his new investors and professional clients, Coinhouse co-founder and CEO Nicolas Louvet explained: "Traditional players in the financial world and equity investors are beginning to grasp the enormous potential of the crypto market, despite its cycles and the upheavals related to its innovation potential and youth."
The short-term goal will be to double its turnover abroad this year. In Switzerland, for example, one of its main competitors is called SEBA Crypto and has already expanded to 25 international markets (notably in Asia). He also multiplied his income by 10.