Switzerland’s second largest bank invests in start-up Xelorbit

Swiss cryptocurrency and tokenised asset management platform Xelorbit has raised $65m in a funding round led by the country’s second-largest bank, Credit Suisse.

In addition to Swiss bankers, investors in Xelorbit included German Deutsche Bank, Switzerland’s Pictet Group, Arab Bank Switzerland, UK-based Investis and Lebanon-based Cedar Mundi Ventures.

“The strategic partnership with Xelorbit is a cornerstone of our bank’s digital asset strategy. We aim to become the leading Swiss bank in this area,” said Credit Suisse.

The startup’s co-founder believes that the traditional financial system will have more and more links with the digital asset space over time. Xelorbit now plans to open offices in Paris and Dubai, and to enter the Southeast Asian and American markets.

This is not Credit Suisse’s only crypto project. The bank is already working with Fnality, AlgoTrader and FundsDLT. Xelorbit has been working with the Swiss bank for several years. In 2021, as part of the partnership, Credit Suisse tokenised on Etherium shares in Alaïa SA, which owns a chalet and a hotel in the Swiss ski resort of Crans-Montana. Swiss law from February 2021 requires that tokenised securities receive the same legal status as traditional securities.