Bitcoin Investment App Relay has become a regulated virtual asset service provider (VASP) in Switzerland, allowing customers in countries and Europe to provide bitcoin brokerage services. Bitcoin Magazine. The startup, now a partner in the Financial Services Standards Association (VQF), will be able to provide more efficient order processing and stop relying on third-party exchanges.
“We are thrilled to be one of the few Swiss Bitcoin startups that are members of VQF, which allows us to build Europe’s top bitcoin brokerage platform,” said Julian Leninger, co-founder and CEO of Reliance. “Through our own brokers, we will be able to set competitive fees, increase ordering efficiency and create new products and services for our users.”
Relay has acquired VQF membership to create an internal brokerage platform, and there is no need to outsource the trade. Now, the company will be able to exchange euros and Swiss francs directly for Bitcoin to customers and, conversely, stop relying on third-party businesses.
Swiss startups in Europe provide instant access to Bitcoin buying and selling services without having to create an account or submit personal information to customers. Railroad registration is not required, and customers do not have to endure the verification process or the need for comprehensive documentation.
Under the previous model, however, Relay customers were limited to buying around $ 1,100 per day and $ 110,000 per year. But since becoming a VASP in Switzerland, the company can now enable more important purchases, which require more personal information to be submitted by users.
The news comes as Relay’s plans began in early June. That month, the company raised 2.7 million in a Series A round, which it said would fund projects to build an owned broker. Other objectives shared by the company include obtaining financial intermediary licenses and providing new offers for investors looking to buy huge amounts of bitcoin.