Relai, a bitcoin (BTC) buy, sell and self-custody application, has raised $12 million Series A funding.
The Switzerland-based company’s Series A was led by Ego Death Capital, a bitcoin only VC, which committed $4 million to the raise. Other participants included Plan B Bitcoin Fund, Timechain, and Solit Group.
Following the maxim of “not your keys, not your coins,” trusted self-custody has proved popular in Switzerland, even among newcomers to crypto, according to Relai, which has had over 400,000 downloads.
The plan is to use the new funding to expand further into Europe and become licensed under the new Markets in Crypto Assets regime (MICA), Relai said in a press release.
“Despite the tough market conditions, our financing round was heavily oversubscribed. This fresh capital will massively accelerate our growth and support our mission to educate and onboard millions of Europeans to Bitcoin.” said Julian Liniger, co-founder and CEO of Relai, in a statement.