When you think about the ultimate safety across banking institutions, the first thing that crosses your mind might be Switzerland is otherwise known as the home of the world’s safest vaults.
On the other hand, we have cryptocurrency and digital assets encountering huge NO in the world of banking and financial services where bankers are interested in blockchain technology but want to take their business further from the “new age money”.
Struggling with different regulations in highly regulated ecosystems that banks represent, the still unregulated currencies are struggling to get past that obstacle and get their place across global banks.
A Swiss bank, Hypothekarbank, has recognized the value of digital assets, so this was the result of that recognition.
Swiss Bank Adds Cryptos to its Services
Switzerland is known as a global leader across numerous banking institutions, as they have always been following up with the latest trends in the financial industry and banking. Once again, starting with a high authority Swiss bank, Switzerland has shown its readiness to adopt the latest trends, this time turning to the fintech industry.
The bank that has successfully spotted the potential of the blockchain technology and cryptocurrencies is a 150-year-old bank stationed in Switzerland.
The bank named Hypothekarbank has most recently announced that they are going to release a series of services related to digital assets and cryptocurrencies.
This announcement came off as a bit off a surprise given the fact that adding cryptos to banking services is what the majority of banks are strictly avoiding, while it seems that they have nothing against the blockchain technology itself.
The Swiss banks, Hypothekarbank, is actually specialized in mortgage, however, their CEO stated that the bank feels ready to cooperate with blockchain startups and cryptos in Switzerland while aiming to implement cryptos into their services.
The service is said to appear in form of cryptocurrencies and digital assets for business purposes, while there will be cryptocurrency accounts available for service users in the area of blockchain business.
The CEO of the bank also stated that the bank is very well aware of the fact that there is a certain n level of risk that comes with the adoption of digital assets and cryptocurrencies, but she also added that the bank is ready for any case scenario.
More information is to be provided on the mentioned cryptocurrency-based services that are to become available for Hypothekarbank’s clients.
Crypto Revolution: Hypothekarbank is not Alone
Although Hypothekarbank has made a revolutionary move, especially on the behalf of cryptocurrencies, by adding cryptos to its banking services, this Swiss bank wasn’t the first private bank to make this move.
Another private bank located in Switzerland, called Falcon Swiss Private Bank, added cryptos to its services back in 2017 in April. For a year now, Falcon Swiss Private Bank is offering services related to Ethereum, Litecoin and Bitcoin Cash.
The offered service is dubbed Blockchain Asset Management Service and it allowed its clients to manage their BCH, ETH, and LTC.
Alongside this service, Falcon Swiss Private Bank offers Bitcoin-related services. However, Hypothekarbank is the first bank ever to offer accounts for blockchain business, while also inviting Swiss-based blockchain and crypto start-ups to cooperate with the management of Hypothekarbank.
The main reason why Hypothekarbank decided to offer this service to blockchain startups, alongside for being more benevolent towards cryptos in oppose to a great part of Europe and wider, is the fact that blockchain startups often find a hard time trying to open business accounts in Swiss banks.
This is no strange case since the regulations are being brought upon the cryptos by the governments and financial systems mostly due to the fear of having cryptos and blockchain networks being potentially used for money laundry and similar money-related illegal activities.
However, Hypothekarbank has seen the best in cryptos, and a stated is prepared for the risk that comes with digital assets. This bank is operating on the local basis and it can be found in the public listings, so Hypothekarbank will for now only cooperate with Swiss-based blockchain and crypto startups.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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