Relai aims to be a broker. A PayPal integration is also to be implemented soon.
The Swiss Bitcoin start-up Relay plans to set up its own broker service. As BTC-ECHO has exclusively learned, the Zurich-based company is now a so-called Virtual Asset Service Provider (VASP). This sets the course for its own Bitcoin brokerage service and Relai will in future be able to exchange fiat money such as euros and Swiss francs (CHF) for Bitcoin.
In addition to VASP, Relai has also been a member of the Association for Quality Assurance in Financial Services (VQF) since last week. This is a self-regulatory organization that supports financial service providers on behalf of FINMA in combating money laundering. So when it comes to compliance and regulation, Relai cuts a fine figure.
According to its own information, the company is aiming to set up its own broker in order to “end the dependence on third-party exchanges for trading execution”, as the company writes in a press release. Relai plans to start its own brokerage service as early as the end of October, as CEO Julian Liniger explains to BTC-ECHO. In the medium term, the start-up is also planning to integrate new payment methods such as PayPal, Klarna and SOFORT-Überweisung into its ecosystem.
So far, Relai worked with the Swiss broker Bity – and was therefore quite limited and expensive. Customers had to shell out an additional 1.2 percent fee for their Bitcoin purchases that went directly to Bity. However, these should now be dropped. It was not yet possible to say exactly how high the fees will be in the future.
Low fees, more features
With our own broker, we will be able to set competitive fees, increase trade execution efficiency and develop new products and services for our users,
says Julian Liniger, Co-Founder and CEO of Relai.
Relai will soon become more independent technically as well: “We will soon hear a lot about new features,” says Liniger in an interview with BTC-ECHO. For example, a broker license enables larger amounts to be processed. “We can currently process amounts of up to CHF 1,000 without KYC. Anyone who wants to invest more – and we have a lot of inquiries – can carry out a KYC process from October and trade with us without limits ”.
Relai is committed to making investing in Bitcoin (BTC) as easy as possible. Users can buy Bitcoin via the Relai app via SEPA transfer without having to register in advance. The savings plan feature is also popular. With the help of recurring transfers, for example by standing order, Bitcoiners can control their portfolio on autopilot and thus make use of the dollar-cost-average effect. Those who are not interested in day trading can outsmart the famous BTC volatility by investing regularly.