Cryptocurrency brokerage and custodian Bitcoin Suisse has invested $3 million in trading software provider CoinRoutes.
Announcing the news on Tuesday, Bitcoin Suisse said it has acquired a “sizeable minority" stake in CoinRoutes’ U.S. unit with the investment. It did not disclose the percentage of the stake acquisition.
CoinRoutes’ algorithmic trading software, which sources cryptocurrency price data from over 40 exchanges, is the primary reason for the investment. “We have been absolutely satisfied with [“CoinRoutes’] technology for the past year,” said Niklas Nikolajsen, chairman of the Bitcoin Suisse Group.
Technology provided by CoinRoutes allows Bitcoin Suisse to execute trades at the “best prices across all major crypto asset exchanges,” per the announcement.
As part of the investment, Nikolajsen is also joining the board of directors of both CoinRoutes’s U.S. and Switzerland units.