Bitcoin investing app Relai has become a regulated Virtual Asset Service Provider (VASP) in Switzerland, allowing it to provide bitcoin brokerage services to customers in the country and Europe, according to a press release sent to Bitcoin Magazine. The startup, now a partner of the Financial Services Standard Association (VQF), will be able to provide more efficient order processing and cease reliance on third-party exchanges.
“We are excited to be one of the few Swiss bitcoin startups who are members of VQF, allowing us to build Europe’s leading bitcoin brokerage platform,” said Julian Liniger, co-founder and CEO at Relai. “With our own broker, we will be able to set competitive fees, increase order efficiency, and build new products and services for our users.”
Relai acquired the VQF membership to build an in-house brokerage platform, no longer needing to outsource trade execution. Now, the firm will be able to provide customers with the direct exchange of euros and Swiss francs for bitcoin and vice versa, ceasing reliance on third-party businesses.
The Swiss startup provides customers in Europe with instant access to bitcoin purchasing and selling services without creating an account or submitting personal information. Relai doesn’t require registration, and customers don’t have to endure verification processes or extensive document requirements.
Under the previous model, however, Relai customers were limited to purchasing approximately $1,100 per day and $110,000 per year. But since becoming a VASP in Switzerland, the company can now enable more significant purchases, which would require more personal information to be submitted by users.
The news comes to fulfill Relai’s plans first set out in June. That month, the company raised $2.7 million in a Series A round, which it said would fund projects to build a proprietary broker. Other objectives shared by the company include obtaining a financial intermediary license and providing new offerings for investors looking to buy large amounts of bitcoin.