TL;DR Breakdown
- A Switzerland bank, Bordier & Cie, now supports cryptocurrency trading.
- Its digital currency service comes amid the growing demand from its customers.
A Switzerland bank, Bordier & Cie SCmA has announced support for cryptocurrencies on its banking platform. According to the information, the private banking company will allow its customers to trade digital currencies, including Bitcoin (BTC), from its platform. It’s no surprise that such a development is coming from Switzerland. The country has one of the friendliest regulatory environments for cryptocurrencies globally.
Switzerland bank supports crypto
As reported, the customers can easily purchase and sell digital currencies from the Switzerland bank, including Bitcoin (BTC), Ether (ETH), and Tezos (XTZ), Bitcoin Cash (BCH). Interestingly, Bordier is a 177-year-old Swiss banking institution. The development today comes amid the increase in demand from its clients, as well as their mission to provide clients access to the ‘next generation’ of assets.
“We have seen increasing demand from our clients to diversify into alternative asset classes such as digital assets,” Evrard Bordier, the managing partner at the Switzerland bank, Bordier & Cie, commented.
Meanwhile, the crypto service was made possible through its partnership with the Swiss crypto-friendly banking platform, Sygnum Bank. Reportedly, Sygnum will oversee the custody of the private keys to the cryptocurrencies traded on Bordier & Cie while also monitoring the transactions and ensuring that the bank runs in compliance with anti-money laundering procedures. The cryptos will be traded as an “execution-only” deal on Bordier & Cie.
BBVA plans crypto trading in Switzerland
The Swiss crypto space has been growing extensively, following the friendly regulatory stance the authorities have on cryptocurrencies. Last year, a popular Spanish financial services company, BBVA, announced its plan to expand in Switzerland with a digital currency service. According to two sources familiar with the correspondence, they said the Spanish bank has already filed with the Swiss regulator for the cryptocurrency service.
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