Relai Secures $12 Million in Series A Funding to Boost Bitcoin Adoption in Europe

Relai, a Switzerland-based self-custodial Bitcoin-only app, has raised $12 million in a successful Series A funding round, marking a significant milestone in its mission to promote Bitcoin adoption across Europe. The funding round attracted substantial backing from several prominent venture capital firms focused on cryptocurrency.

Among the key contributors was Ego Death Capital, a Bitcoin-only venture capital firm, which invested $4 million in the round. Other notable investors included Plan B Bitcoin Fund, Solit Group, and Timechain. The funding round was oversubscribed, underscoring strong investor confidence in Relai's vision and business model.

Strategic Plans for Bitcoin Adoption in Europe

Relai intends to utilize the funds to enhance its platform and streamline Bitcoin buying and self-custody processes. A major focus will be securing regulatory approval under the European Union's Markets in Crypto Assets (MiCA) framework. Achieving MiCA compliance would position Relai as Europe’s first Bitcoin-only platform to meet these stringent regulatory standards. The move is part of the company’s broader goal to expand its reach to a potential user base of 400 million across the EU.

The company’s CEO and co-founder, Julian Liniger, expressed optimism about the funding round's outcome, emphasizing that the investment will enable Relai to "simplify the Bitcoin experience" for users while navigating Europe's complex regulatory landscape.

Growth and Partnerships Fuel Expansion

The latest funding round brings Relai's total capital raised to approximately $20 million, boosting its valuation to $72 million. This follows the company’s $4.5 million seed extension round in March 2023, highlighting a consistent trajectory of growth.

Relai has also demonstrated its commitment to innovation and adoption of cutting-edge technology. The platform recently integrated the Lightning Network, enabling faster and cheaper Bitcoin transactions. Furthermore, Relai added Bitcoin to its corporate balance sheet, reflecting its dedication to the cryptocurrency's principles.

In September 2023, Relai partnered with Swissquote Bank, a leading Swiss online banking and trading provider. This strategic collaboration enhanced Relai’s financial services capabilities, with Swissquote becoming the platform's financial services partner. The partnership further cemented Relai’s standing in the European crypto ecosystem.

Regulatory Achievements and Milestones

Relai has long emphasized regulatory compliance as a cornerstone of its operations. The platform gained recognition as a regulated Virtual Asset Service Provider (VASP) in 2021. As a member of the Swiss Financial Services Standards Association, a self-regulatory organization, Relai is authorized to facilitate direct Bitcoin purchases using euros and Swiss francs.

The company's alignment with Swiss regulations has allowed it to maintain a secure and reliable service, fostering trust among its growing user base.

A Promising Future for Bitcoin in Europe

With its fresh infusion of capital and growing partnerships, Relai is well-positioned to drive Bitcoin adoption across Europe. If successful in obtaining MiCA compliance, the platform could set a precedent for Bitcoin-focused companies in the region, offering a secure and regulatory-compliant solution for Bitcoin enthusiasts.

As Bitcoin adoption continues to gain momentum worldwide, Relai’s innovative approach and strategic investments could significantly influence how Europeans interact with the world’s leading cryptocurrency.