The Basler Kantonalbank, a cantonal bank of Switzerland, has turned out to be the first-ever Swiss bank that made an announcement on its crypto strategies. Here is more to the news.
Tasler Kantonalbank, or more popularly known as the BKB, is a property of the Government of Switzerland that has plans on initiating services of cryptocurrency following the path of its banking division.
On the basis of a report made on the 3rd of August, 2020, by a regional news agency named Finews, a branch of BKB along with a national group of banking named Bank Cler are teaming up to work together on facilities that will give allowances to clients for trading cryptocurrencies besides storing them. Although the division owns its very own license for banking apart from BKB, it possesses a maximum stake in Bank Cler.
Gateway to the Financial Products
From the Basler Kantonalbank, a spokesperson made a confirmation about the news. It also came to notice that the bank is having plans on launching these products responding to a raised nationwide crypto services demand. The aforementioned spokesperson of BKB said in the statement that in the group of Basler Kantonalbank, they were putting their efforts for providing their customers a path to trade and deposit some specific cryptocurrencies.
As BKB is a well established regional bank and Bank Cler being a well known national group of banking, they would like to provide their clients with protected access to the brand new financial products.
However, the spokesperson did not mention what categories of crypto will be obtainable through Basler Kantonalbank. Now, it is quite a premature stage and there’s no tentative time announced for the launch yet.
Leading the Pack
As these plans were made, the Basler Kantonalbank was declared as the very first government bank of Switzerland that is initiating the cryptocurrency industry. Another spokesperson from BKB said that this particular subject was forwarded within the team of BKB by the Bank Cler’s digital competence center.
Also, did you know the fact that Switzerland is called one of the cryptocurrency-friendly authorities on a global basis? Hence, the country is also termed as a “crypto valley”. A bank to fall under the top five Swiss banks known as Julius Baer found its total gain surge more than 30% after recording other cryptocurrencies along with Bitcoins in the first 6 months of 2020, on the basis of a report made on the 20th July.