Swiss state-owned bank, Basler Kantonalbank (BKB), has announced that it will launch crypto services in line with growing demand in this niche. The bank, which enjoys an AUM of close to $30 billion, will extend its services to include crypto trading and custody following its latest expansion plan.
According to the Swiss media outlet, Finews, BKB will run its newly intended crypto services under a subsidiary dubbed ‘Bank Cler’ where the former is a significant stakeholder. However, Bank Cler operates on a separate banking license.
Notably, the Swiss cantonal bank will be the first state-backed financial services provider to debut services within the fast-growing crypto industry. The bank’s young clientele was one of the factors that spurred a move into the digital ecosystem, according to a spokeswoman from the firm, Natalie Waltmann. With the operations set to run under Bank Cler, Waltmann further noted that the bank had tapped the former CEO of Tokensuisse, Alain Kunz, to lead the digital asset team.
While an exact launch date has yet to be scheduled, a BKB spokesperson confirmed to Cointelegraph that this is the direction the bank will be taking shortly. They also did not specify which pioneer digital assets are likely to be featured within their crypto services portfolio,
“In the BKB Group, we are working to offer our clients a solution for the trading and deposit of selected cryptocurrencies. As an established regional (Basler Kantonalbank) and indeed national (Bank Cler) banking group, we wish to give our clients secure access to these new financial products.”
Swiss Advanced Crypto Scene
BKB is set to join private banks like Maerki Baumann & Julius Baer Group, which were already offering crypto services in Switzerland. The two rolled out their niche products in early 2019 and 2020, respectively. The trend now seems to have caught up skeptics, including most of the U.S oversight agencies, the latest highlight being OCC’s approval for banks in the free world to act as crypto custodians.
Switzerland’s SIX exchange has also played an instrumental role in boosting crypto activity within the country’s financial ecosystem. Quite a few crypto products ranging from security tokens and crypto exchange-traded funds have been listed in this leading stock exchange. Other than this, Zug, which is a city in Switzerland, also known as ‘Crypto Valley’ owing to the level of innovations and investments allocated to crypto, and blockchain.