Switzerland’s Established Bank will Offer Cryptocurrency Services

Switzerland's well established bank will offer cryptocurrency services. Bordier & Cie, with 177 years of history, announced its new service.

It is stated that the cryptocurrency market, which has come to the fore with the increasing interest of institutional investors since last year, continues to encounter market agents using classical methods. In this context, Bordier & Cie, one of Switzerland's oldest banks, announced that it has started to provide cryptocurrency services to its investors. According to the news announced through the bank's official website, Bitcoin, Ethereum, Bitcoin Cash and Tezos transactions will be allowed in the first place. Stating that his first goal is to increase the trading pairs, Evrard Bordier, the managing partner of the bank, said the following on the subject: "We've seen an increase in demand from our customers to diversify into alternative asset classes such as digital assets." According to the information obtained, the infrastructure of the service in question will be provided by the banking platform Sygnum Bank. Thus, access to cryptocurrencies will be controlled, connection with liquidity providers will be provided and private keys will be stored. Sygnum will also allow safe provision of policies to prevent money laundering. The cryptocurrency world welcomed this step. The fact that such traditional organizations offer cryptocurrency services is characterized as positive steps for the adoption of the crypto industry. However, some describe these developments as "meaningless", especially due to the features of Bitcoin that differ from the dynamics of traditional finance and its independent structure from central authorities. The Zug canton, viewed as Switzerland's crypto valley, recently announced that they started accepting Bitcoin and Ethereum for tax payments.       Source: Investing.com