Basler Kantonalbank is working on introducing cryptocurrency-related services that are set to be a new thing in the crypto space.
Swiss State bank Basler Kantonalbank is set to launch crypto services. Sources have confirmed that the bank will soon introduce cryptocurrency trading and storage services. Owned by the Canton of Basil Stadt, a BKB subsidiary and Bank Cler, a Swiss banking group, are working together to unveil new offers.
A BKB representative told the sources:
“In the BKB Group, we are working to offer our clients a solution for the trading and deposit of selected cryptocurrencies. As an established regional (Basler Kantonalbank) and indeed national (Bank Cler) banking group, we wish to give our clients secure access to these new financial products.”
Bank Cler has indicated that it is keen on bringing in Tokensuisse CEO Alain Kunz to head the new unit. Kunz is one of Switzerland’s leading cryptocurrency experts. He is also one of the most famous members of the infamous Swiss Cryptovalley.
Young People Adopting Cryptocurrencies
The move is a clear signal that the bank wants to reach out to the younger generation. Younger people are moving into the crypto space in droves. It is evident in the use-cases that are prevalent.
It is also a first for the cantonal bank. With the interest in crypto from such a bank, the Swiss are catching up fast. Switzerland is already a cryptocurrency Mecca for those willing to enter the crypto space in a big way. With cryptocurrency-only banks like Seba and Sygnum, the Swiss are actively pursuing inclusion from all sides.
Seba links investments in both digital and physical assets. Investors can hold both portfolios under one umbrella. Sygnum is a fully digital asset bank. Swiss innovations don’t stop there. The Swiss-listed Hypothekarbank Lenzburg in August 2018 opened its doors to blockchain companies.
It was the first Swiss bank to offer account services to blockchain and cryptocurrency companies. Maerki Baumann is a private family bank that in August of the same year became the second bank to offer similar services.
Swiss Bank Crypto Services Will Help Switzerland to Lead in Europe
Since then, Switzerland has become one of the leading European Nations on everything cryptocurrency.
The BKB move represents one of the clear indications of state interest in the crypto space. The crypto industry continues to go mainstream. Interest in how cryptocurrencies work is rising. For the Swiss, this is more than just a passing phase.
The Swiss are traditionally known for their banking activities. Some of those activities drew the ire of several tax authorities in recent times. The crypto space represents a new challenge for tax and other authorities. It is one of the reasons behind the sour reception by several countries. The Swiss have taken a different route. The authorities have favored adoption within a regulatory structure that works.
It has given space for the growth of new ideas. It has also positioned the landlocked country to become a center of attraction for all things crypto. The situation is quite different in other countries in the west. Some countries are still having conversations on what exactly the crypto space is.
For the Swiss, they have made their stand. Following BKB’s announcement, faster adoption by state institutions will occur.