Swiss State Bank Moves Bitcoin and Crypto Money


As the interest in crypto coins
increases, important developments come one after another. Founded in 1899, Switzerland’s largest public bank, Basler Kantonalbank, was the first bank in Switzerland to make a statement about its plans in the field of cryptocurrency. Having held a majority stake in Bank Cler in previous years; The bank, which provides services in the fields of retail, corporate and private banking, acquired Bank Cler last year. According to a report by a local news agency, BKB’s subsidiary and national banking group Bank Cler is working on services that will allow customers to trade and store cryptocurrencies. The Swiss cantonal bank Basler Kantonalbank, which has total assets of about 49 billion, plans to offer cryptocurrency trading and custody services from 2021. 

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On the other hand, no explanation has yet been made about which cryptocurrencies it will hold through BKB. However, it is known that this development, which the bank will provide to its users, is at an early stage and the launch date remains uncertain. 

Other banks that have announced their cryptocurrency services in Switzerland, known as the most crypto-friendly in the world, include; Located in Seba, Sygnum, Julius Baer and Falcon. In August 2018, Hypothekarbank Lenzburg became the first Swiss bank to provide corporate accounts for
blockchain
and crypto-related fintech companies. Maerki Baumann, the second Swiss bank to accept crypto, became interested in blockchain and cryptocurrencies in 2019. At the beginning of June, it launched its trading and custody services, initially announcing that it supports Bitcoin,
Bitcoin
Cash, Ethereum,
Litecoin
and
XRP
, which began offering crypto services. In January 2020, the Julius Baer Group, which has a former place in Swiss banking history, began offering cryptocurrency trading and custody services.  Following this development, it experienced a 30% net profit increase after listing bitcoin and other altcoins.

Apart from Swiss banks, banks from other countries continue to take important steps regarding crypto coins. As it will be remembered, towards the end of 2019, German banks were authorized to manage Bitcoin and altcoins. The U.S. Treasury Department’s Office of Currency Control (OCC), which oversees banks, is keen on banks offering cryptocurrency custody services. With this development, it is observed that significant rises have occurred in crypto coins.