Coinhouse announces a fundraising with the participation of Oddo BHF

The Franco-German bank Oddo BHF participated in the just-closed €40 million funding round for the cryptocurrency investment platform Coinhouse. A new sign of the attractiveness of traditional players in this once uncertain market.

A funding round of 40 million euros

It is a small event in the French “crypto” world. Oddo BHF took a stake in the crypto-currency investment platform Coinhouse, which recently launched banking services.

The Franco-German bank participated in a fundraising of 40 million euros which has just been completed by the former Bitcoin House, with other investors including the investment funds True Global Ventures, Tioga Capital, XAnge Siparex Innovation, as well as large French families and business leaders, according to a press release published Tuesday evening.

Despite the cryptocurrency bear market since last November, the French company Coinhouse continues to raise funds to achieve its ambition: to become the first European crypto bank. After announcing a €15 million funding round in January, the cryptocurrency exchange announced that it closed a €40 million funding round on Tuesday.

This is the first time in France that so-called “traditional” financial companies have invested in companies specializing in cryptocurrencies. “Traditional players in the financial world and capital investors are beginning to grasp the enormous potential of the crypto market despite its cycles and volatility linked to its potential for innovation and its youth”, underlined Nicolas Louvet, co-founder and CEO of Coinhouse.

“Blockchain technology will redefine the contours of many sectors, including finance,” said Benoît Claveranne, Chief Transformation and Development Officer at Oddo BHF.

The young fintech that wants to continue to develop

Coinhouse plans to invest in different parts of Web3, a new version of the web based on decentralized blockchain technology. Many brands are looking to capitalize on this potential new market.

The broker, which has become profitable since the end of 2020, has already accompanied “more than 20 major French and international brands” to acquire land in the virtual world and is able to accept payments in crypto-currencies, which can be converted instantly in euros to sell items or NFTs.

Founded in 2015, the company was the first French company to be registered as a digital asset service provider (PSAN) by the French Monetary Authority (AMF) in March 2020. It now offers trading services for 50 assets crypto, as well as a “crypto book” and controls the management of its investments.

In addition to the possibility of buying and selling around fifty crypto-currencies, the platform has been offering crypto asset savings management products since last fall, such as the Livret Crypto (5% interest, but no capital guaranteed) and custodial management (level of risk exposure defined) according to the profile).

It hopes to continue to grow its crypto asset management business and provide crypto payment services to the public and its corporate clients.

Fundraising could enable it to develop new products, such as the insertion of crypto-currencies in more traditional investments, in particular life insurance, or the possibility of using its crypto-assets as collateral (guarantee) in the framework of loans in euros. Even developing cryptocurrency payment cards.

The company, which has a subsidiary in Luxembourg and is registered with the local financial regulator, plans to double its turnover abroad in 2022. Last year, less than 10% of total turnover (15 million euros) came from activities outside France, to achieve this, the group will study external growth opportunities.

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Coinhouse announces a fundraising with the participation of Oddo BHF


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