Swiss Crypto App Relai raises $12M to expand Bitcoin services
Relay wants to make Bitcoin acquisition easier
The Swiss startup Relai, which provides Bitcoin buying and selling services, has closed a Series A funding round worth $12 million. Investors include Ego Death Capital, Plan B, Timechain, Solit Group, and other companies and individuals.
Relai is the developer of an app that enables users to buy, sell, and store Bitcoin. The process of purchasing cryptocurrency is simplified by using a bank account or credit card. Additionally, the app can be set up for automatic purchases on a weekly or monthly basis.
According to Relai co-founder and CEO Julian Liniger, despite challenging market conditions, the funding round was significantly oversubscribed. The fresh capital will accelerate Relai's growth and the company's mission to "educate and onboard millions of Europeans to Bitcoin."
Making Bitcoin buying easier
It was also stated that the funds raised in Series A will be used to "create the easiest way to buy Bitcoin," obtain a European MiCA license, and educate beginners, including promoting the adoption of self-custody for cryptocurrencies.
The main investor in the round was the venture fund Ego Death Capital, one of whose partners is Jeff Booth, a well-known Bitcoin advocate, venture entrepreneur, and author of the book The Price of Tomorrow.
With its investment in Relai, Ego Death Capital has invested approximately $100 million in crypto startups. Other portfolio companies include Breez, Fedi, Synota, and other tech-oriented crypto startups.
The mining company MARA Holdings (MARA) has announced the purchase of 11,774 BTC for $1.1 billion, bringing its total reserves to 40,435 BTC. This move positions MARA as the second-largest public company by Bitcoin holdings, following MicroStrategy.
