Basler Kantonalbank or BKB, a state-owned commercial bank in Switzerland, plans to introduce cryptocurrency services through its banking subsidiary.
According to a report by the local news agency Finews on August 3, the subsidiary of BKB and a national banking group, Bank Cler, They work on services with which customers can trade and store cryptocurrencies. The BKB has a majority stake in Cler, although the subsidiary has its own banking license from the BKB.
Access to financial products
A BKB spokesman confirmed the message to Cointelegraph. They also found that the bank plans to launch these products in response to growing demand for cryptocurrency services in the country.
The BKB representative said:
“At the BKB Group, we are working to offer our customers a solution for trading and depositing selected cryptocurrencies. As an established regional banking group (Basler Kantonalbank) and indeed with the National Bank (Bank Cler), we want to offer our customers secure access to these new financial products. “
The spokesman did not specify what types of cryptocurrencies will be available through the BKB. Development is currently at an early stage and there is no preliminary release date.
These plans make the Basler Kantonalbank the first state-supported bank in Switzerland to enter the cryptocurrency industry. “This topic is funded within the BKB Group by Bank Cler’s digital competence center.”A BKB spokesman said.
Switzerland is home to the infamous “Crypto Valley” and is considered one of the friendliest cryptocurrency areas in the world. In August 2018 The Swiss bank SIX Exchange, Hypothekkarbank Lenzburg, was the first Swiss bank to provide corporate accounts for blockchain and cryptocurrency financial technology companies. Maerki Baumann, an unlisted family bank in Switzerland, was reportedly the second bank to accept cryptocurrency in August 2018.
Julius Baer, one of the five largest Swiss banks, After including Bitcoin and other cryptographies in the first half of 2020, net profit increased by more than 30%as reported on July 20.