US-based crypto exchange platform Kraken is hoping to strengthen links with crypto kindred soul Switzerland and build a robust foundation within a country that boasts a responsive approach to cryptocurrencies; it stated in an official blog post dated June 22.
The cryptocurrency regulations in Switzerland, albeit stringent, are often hailed as a benchmark in the eyes of the crypto community. With a tag of a stable breeding ground for financial services, it also got its very own registered non-profit Bitcoin Association last month, intending to bring together an active community of enthusiasts with regular events, discussions, and questions.
Crypto exchange Kraken wants deeper ties with crypto soulmate Switzerland
According to the crypto exchange Kraken, the country has always shown a strong commitment toward financial freedom and privacy and believed that individual responsibility is the ultimate due diligence. And much like Switzerland’s pro-crypto stance, Kraken, too, deploys similar principles to get ahead in the game and emerge as one of the world’s most preferred and trusted cryptocurrency exchanges.
It also states that Switzerland’s progressive viewpoints on the overall development of the financial services industry have made it like an oasis for crypto firms in Europe. With its financial regulator, the Swiss Financial Market Supervisory Authority (FINMA), actively granting licenses to crypto exchange, banks, and other financial institutions, Kraken believes that Switzerland will be Europe’s biggest hotspot for cryptocurrency developments.
COVID-19: The biggest threat to its once-thriving startup scene
Highlighting a not-so-promising aspect of Switzerland’s thriving financial industry, Kraken states although it is already a much-needed nurturing home for over 800 cryptocurrency and blockchain firms, many of the crypto startups are struggling to survive with a raging pandemic.
The European economy has taken a severe beating, and many of these young ventures will be unable to sustain themselves amid harsh financial pressures with as many as 80 percent of these companies facing an immediate risk of bankruptcy.
Thus, as a thank you gesture for letting Kraken grow, mature, and become Europe’s biggest crypto exchange, the firm now plans to strengthen its bonds with the country and help it come out of the imminent crypto recession.
We want Switzerland to gain back its prominence as a leading financial services hub for Europe and help exchanges like us cultivate cryptocurrency adoption both in the country and in Europe as a whole.
A long road ahead
In line with these sentiments, the crypto exchange has already taken a few measures to deepen its involvement in the region. In December, it announced its support for the Swiss Francs as the 6th supported fiat currency on the platform for trading purposes. It also became an active participant of the Crypto Valley Association that hopes to foster growth, partnerships, and integrity in the global blockchain ecosystem.
But that’s probably not enough given the harsh currency circumstances. The crypto exchange has affirmed that it will seek more strategic collaborations with key players in the Swiss fintech industry and uphold a continued development of crypto for true financial freedom.