Relai, a self-custodial Bitcoin-only app, has raised $12 million in its Series A funding round, backed by several crypto-focused venture capital firms. The Switzerland-based app announced that Bitcoin ( BTC )-only venture capital firm Ego Death Capital contributed $4 million to the round. According to the Relai team, the oversubscribed funding round also attracted investments from Plan B Bitcoin Fund, Solit Group, and Timechain. “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.” Julian Liniger, co-founder and chief executive officer of Relai Relai plans to use the funds to accelerate BTC adoption in Europe, focusing on streamlining buying, self-custody, and achieving regulatory approval. On the regulatory front, the startup aims to secure a Markets in Crypto Assets license as it targets a potential user base of 400 million across the European Union. If approved, Relai would become Europe’s first MiCA-compliant Bitcoin-only platform. With this funding round, Relai has now raised a total of about $20 million, pushing its valuation to $72 million. You might also like: Crypto VC funding: Public leads with $135m fundraise Relai secured $4.5 million in its seed extension round in March 2023. Recent developments, including adoption of Lightning Network and addition of Bitcoin on its balance sheet have come as the app sees increased usage across Europe. In 2021, Relai revealed its status as a regulated virtual asset service provider. As a member of the Swiss Financial Services Standards Association, a cross-industry self-regulatory organization, Relai is authorized to directly exchange euros and Swiss francs for BTC. The platform further strengthened its position in September 2023 by partnering with Swissquote Bank, a leading online banking and trading provider in Switzerland. Through this strategic partnership, Swissquote became Relai’s financial services partner. You might also like: Marathon parks $1.1b in Bitcoin after note sale
