Switzerland bank Basler Kantonalbank (BKB) would mark as the first bank in the country to begin offering crypto services to its clients.
The bank would begin by offering Bitcoin investment through a subsidiary in 2021, making it the first Switzerland bank government-supported bank to leapfrog into the crypto space.
Local reports in Switzerland on Monday claimed that BKB’s subsidiary and a national banking group, Bank Cler are working out services that would enable customers to trade and store cryptocurrencies.
Switzerland bank Basler Kantonalbank owns a major stake in cler even tho cler has its banking license independent of BKB.
Switzerland bank crypto service, response to high demand
Reportedly, BKB set to launch crypto service is a response to increased demand for these services in the country.
A representative of the bank who confirmed the crypto service launch said that they are working to offer clients a solution for the trading and deposit of selected cryptos.
As an established regional (Basler Kantonalbank) and indeed national (Bank Cler) banking group, he explained they wish to give clients secure access to these new financial products.
However, the BKB representative did not specify what type of crypto coins would be available on the platform. Likewise, the platform is still at the preliminary stage of development, with no particular date for launch yet.
BKB driving crypto adoption in Switzerland
No doubt, through BKB’s crypto service provision, the bank would enhance crypto adoption among Swiss citizens and residents n the country. Basler Kantonalbank, with this initiative, becomes the first government bank in the country to break into the crypto industry.
This topic is being driven forward within the BKB Group by the digital competence center of Bank Cler,a BKB spokesperson revealed.
Unlike many other countries around the globe, Switzerland remains one of the most crypto-friendly countries in the world. Switzerland also houses the unpopular crypto valley, one of the worlds leading blockchain ecosystems around.