SIX FinTech Ventures Invests In Crypto Engineering Startup Shift Cryptosecurity

Blockchain, Investing, News | November 13, 2018 By:

Corporate venture capital fund SIX FinTech Venture has invested an undisclosed amount in crypto engineering startup Shift Cryptosecurity.

SIX FinTech Venture, a $50 million corporate venture fund of Swiss financial infrastructure provider SIX, invests in highly scalable startups, which have the potential to thrive as established companies. It aims to provide the Swiss Financial Center with cutting edge technologies, business models and solutions that meet customer expectations.

Founded in 2015 as a spinoff of the ETH Zurich university, Shift Cryptosecurity is building hardware and software based security solutions for cryptocurrencies and blockchains. It targets both individuals and businesses with its flagship product, the BitBox, a plug-and-play hardware wallet that allows users to store, spend and receive cryptocurrencies.

The investement in Shift Cryptosecurity is SIX FinTech Ventures’s first in a blockchain-focused startup.

Andreas Iten, Head SIX FinTech Ventures, said that their investment focus covers all relevant financial industry segments and emerging technologies, which will propel the actors in the Swiss Financial Center to the forefront of FinTech.

“As a neutral corporate FinTech Investor with close connections to Swiss and global financial institutions, we have the tools and resources needed to support ambitious entrepreneurs and their unicorns to be,” Iten said. “Ultimately, our goal is to further establish SIX as an innovative company with an international reputation as a trusted partner for startups.”

Douglas Bakkum, CEO of Shift Cryptosecurity, said that they hope to make a significant mark on SIX’s innovative financial ecosystem through products such as BitBox.

“Not long ago we were a crypto startup in the SIX-backed accelerator F10, today we welcome SIX Group as an important investor,” Bakkum said.