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Switzerland incorporates bitcoin trading and custody in one of its national banks

Switzerland incorporates bitcoin trading and custody in one of its national banks

The European country continues to be one of the most receptive in the world to cryptocurrencies.

Switzerland’s Basler Kantonalbank (BKB), a government-run financial body, will launch cryptocurrency services through a partnership with National Banking Group Bank Cler. The new service will allow customers to trade and store their digital assets in the bank.

The agency’s new extension to the crypto ecosystem responds to increased demand from customers across the country. This suggests not only an increase in cryptocurrencies in terms of adoption, but an increase in crypto awareness on the part of traditional investors.

So far it has only transcended that they will operate with Bitcoin (BTC), and it has not been specified what other assets may be stored in the bank. The system is going through one of the early stages of its development and there is not even an approximate launch date.

“We will launch an offer for the trading and custody of digital assets,” said Natalie Waltmann, spokesman for Bank Cler in a local media outlet.

In this way, the BKB would be becoming the first Swiss government-backed bank to fully enter the crypto market. While the country is one of the most “ecosystem-friendly” jurisdictions in terms of regulation, no national bank so far offers services to investors.

In Switzerland, last week, it was announced the creation of the world Stablecoin Association (WSA), which will be based in Geneva. Exchange VirgoX and capital markets firm blockchain Global Digital Assets will form a new body that responds to the growth in capitalizations and trading volumes of major dollar-linked stablecoins: Tether (USDT) and USD Coin.

Switzerland remains at the forefront of the processes of financial innovation and economic modernization and is one of the main protagonists of the institutional advancement of cryptocurrencies worldwide.

What do you think?

Written by S. Parmar

S. Parmar is a digital marketing and cryptocurrency enthusiast, who always learns and predicts new things. He has 4 years of experience in cryptocurrency.

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