Government-Owned Swiss Bank Launching Crypto Trading and Custody Services

State-owned Swiss bank introduces crypto trading and custody services

Basler Kantonalbank (BKB), the eighth largest bank in Switzerland, is entering cryptography through its subsidiary Bank Cler. BKB belongs to the Swiss canton of Basel-City and has total assets of around $ 49 billion.

Swiss cantonal bank starts crypto services

The Swiss government-based commercial bank BKB will offer cryptocurrency services through Bank Cler, Bank Citywire Switzerland said on Monday. Basler Kantonalbank, also known as Basler Kantonalbank, founded in 1899, offers private, corporate and private banking services. The total assets are around $ 49 billion.

Bank Cler said his crypto push is in response to the demand from younger customers who want to invest in crypto assets. Bank Cler spokeswoman Natalie Waltmann told the news agency:

We will launch an offer to trade and store digital assets next year.

The bank has commissioned Alain Kunz to manage the digital asset business. His Linkedin page shows that he is CEO of the fintech company Polarlab and founder of Tokensuisse.

S & P Global Ratings gave the BKB a “stable” outlook last December, which affected the owner and founder of the bank, the Swiss canton of Basel-City. "We expect BKB to remain the eighth largest bank in Switzerland with total assets of CHF 45 billion (US $ 49 billion) as of June 30, 2019. It is consolidating its subsidiary Bank Cler, which at the same time has total assets of Had 18 billion francs. " S&P Global analysts wrote.

BKB and Bank Cler have separate banking licenses in Switzerland. Waltmann informed the news agency that the BKB is also interested in cryptocurrencies. Other banks in Switzerland that have announced their cryptocurrency services are: Sebawho launched a number of crypto services last November Sygnum, Julius Baer, and Falcon. Maerki Baumann announced in June the launch of its trading and custody services that support Bitcoin, Bitcoin Cash, Ether, Litecoin and XRP initially.

The original post State-owned Swiss bank introduces crypto trading and custody services.

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