Swiss bank InCore has announced partnership with crypto exchange Kraken, becoming the first financial institution in the country to provide banking services to Kraken users.
According to the announcement, the new partnership means Kraken customers located in the EU will be able to finance their wallets using Single Euro Payments Area (SEPA) deposits the payment integration project the EU launched to simplify euro bank transfers.
Additionally, the new deal will enable Kraken customers to also fund their trading accounts using four different fiat currencies namely, British pound, Swiss franc, Canadian Dollar, and the Euro.
Swiss bank InCore, CEO, Mark Dambacher in his statement expressed his happiness with the new partnership, noting it would increase crypto adoption and put Kraken higher on the map in the crypto community.
Swiss bank InCore extending new service to both institutional and individual clients
According to the Swiss bank InCore, CEO the new banking service would be extended to both institutional and individual clients.
“private and institutional clients who want to diversify their portfolio in an intelligent and innovative way with Kraken can transfer fiat assets via InCore bank to the crypto exchange,” he said.
Additionally, the Swiss bank InCore, CEO said, cryptocurrencies as a valuable addition to modern asset management. Further explaining that it was indispensable as a payment and investment value in the nearest future.
It’s worth noting that the Swiss InCore Bank is the 209th-largest bank in the country in terms of total assets under management, and the new partnership would invariably help crypto adoption in Switzerland.
Notably, the Swiss bank has recently also been tilting towards digital currency service, as it recently received authorization from the Swiss Financial Market Supervisory Authority (FINMA) to provide brokerage, custody, and tokenization services of digital assets.
Kraken growth in the crypto space
The California-headquartered firm has recorded steady growth in the crypto space since its launch. According to its head of banking and payments, Maximilian Marenbach, the new partnership with the Swiss bank InCore would also help in enhancing its service delivery as well as build a secure link between the conventional financial system with the crypto sector.
Notably, Kraken recently announced it would be opening operations in Sydney, Australia, with local clients able to fund their accounts in Australian dollars (AUD). The exchange said it would offer instant funding to those users who make deposits via Okso and PayID-enabled Australian bank accounts.
Currently, the crypto exchange is rated the 10th-largest exchange in the world by trade volume, according to data analytics website Nomics. Also, Kraken acquired one of Australia’s longest-running cryptocurrency exchanges, Bit Trade, in January 2020.