The crypto rush among banks continues, with the Swiss State Bank, Basler Kantonalbank, preparing to launch new services that integrate digital assets.
Basler Kantonalbank (BKB) became the first state-owned bank, owned by the government of Switzerland, to adopt the cryptocurrencies, and digital assets. Through a Spanish President Pedro Sánchez’s announcement carried out by the bank's subsidiary, Bank Clerk, it was revealed that BKB is developing plans to launch new financial services that will integrate cryptocurrencies. The report details that the bank is preparing to offer investment services with Bitcoin through its subsidiary, and which will allow its clients to actively trade with the cryptocurrency.
Natalie Waltmann, Bank Cler spokesperson, said that the bank will launch an attractive offering for the trading, storage and custody of crypto assets. This is due to the high demand currently for cryptocurrencies and digital assets, especially from the bank's younger clients. Waltmann also noted that the subsidiary, which holds a banking license independent of BKB, will also offer cryptocurrency services. The Bank Cler spokesperson said:
“Bank Cler is our company’s digital competence centre, to which the parent company BKB also belongs. Cryptocurrencies are also important to us.”
With this statement, Waltmann confirms the importance and the current enormous interest of banks to dive into the burgeoning cryptocurrency ecosystem. Although in Switzerland, this is already a market led by cryptocurrency banks such as SEBA Bank y sygnals, which have been offering their services for the storage and custody of cryptoassets since 2019.
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Swiss bank development plans
Although Bitcoin has only been mentioned as one of the cryptocurrencies that BKB will integrate to date, it is still unknown what other cryptoassets will be included in the bank's development plans.
On the other hand, Waltmann also announced that Alain KunzCEO TokenSuisse AG, will be the head of the Digital Assets Department, since with his extensive career, experience in cryptography and technology blockchainKunz will pave the way for the entity's adoption of cryptocurrencies, while also facilitating clients' access to Bitcoin and other highly useful cryptocurrencies.
The Swiss scenario for the custody of cryptocurrencies and digital assets
The interest in cryptocurrencies is undeniable, and although at first they were presented as an alternative that would displace the need and utility of banks, it is increasingly shown that working together is the best option for both. Both banks and cryptocurrencies benefit from the merger of their services, and in Switzerland this merger has been favored by the country's own policies. In fact, the nation is known as one of the friendliest and most favorable environments for the development of cryptographic projects, despite the fact that it does not have legislation focused solely on this industry.
Thus, since 2018, the country's banks began to adopt cryptocurrencies and offer services related to these assets. For example, the first Swiss bank to offer corporate accounts in cryptocurrencies for companies was Mortgage Bank Lenzburg. Then in 2019, the bank SEBA Bank AG, obtained a license to operate with cryptocurrencies, so it is now a crypto bank with a universal banking license and that offers services ranging from the storage and custody of fiat money to cryptocurrencies and digital assets. SEBA Bank also offers cryptocurrency debit cards that make it easy for users to use their crypto assets at any time they want, as well as to carry out operations within the different markets safely, easily and quickly.
Furthermore, the company was recently established in Switzerland. World Stablecoin Association (WSA), which will aim to regulate all sectors related to stablecoins and digital assets, in order to promote the development and expansion of new technologies.
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