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Zuger Kantonalbank is the first cantonal bank to enter the cryptocurrency business. Since Monday, Zuger Kantonalbank customers have been able to invest in cryptocurrencies such as Bitcoin, Ethereum, XRP, Litecoin, Polygon and Uniswap. Purchasing, trading and storing digital assets through the bank’s e-banking or mobile banking is done in dollars.
“We have observed that the increasing demand for cryptocurrencies no longer comes only from professional market participants,” said Hanspeter Rhyner, president of Zuger Kantonalbank, when announcing the new offer.
Numerous brokers such as Swissquote offer cryptocurrency trading in Switzerland, but most major retail banks such as UBS have so far avoided this due to the image of cryptocurrencies as an object of speculation. Zürcher Kantonalbank (ZKB) does not offer crypto trading to its customers, as it confirmed when asked. But they say we are monitoring the developments.
In the summer, Valiant Bank launched an offering to trade cryptocurrencies. The regional bank works together with Incore Bank AG and Entris Banking AG.
Luzerner Kantonalbank plans to offer cryptocurrency trading to its customers by the end of the year, as it announced in August. The Lucerne-based company works with crypto bank Sygnum as well as technology partners Fireblocks and Wyden.
Now the people of Zug have defeated the people of Lucerne. Zuger KB also uses Sygnum’s trading platform for its crypto offerings, the first digital asset bank approved by Finma and aimed at professional investors. Zuger KB now makes crypto trading accessible to private investors using the Sygnum platform.
This article was first published on the paid service of handelszeitung.ch. Blick+ users have exclusive access as part of their subscription. You can find more exciting articles at www.handelszeitung.ch.
This article was first published on the paid service of handelszeitung.ch. Blick+ users have exclusive access as part of their subscription. You can find more exciting articles at www.handelszeitung.ch.
While many bankers are skeptical about cryptocurrencies, the blockchain technology on which Bitcoin and Co. is based appears to have great potential. This allows previously illiquid assets, such as real estate or art shares, to be tradable. Thanks to so-called distributed ledger technology, digital, fraud-proof share certificates can be issued to the owner, definitively certifying that he owns a share in a particular Picasso painting.
In order to trade such digital assets, Swiss exchange operator SIX established the SDX platform. SIX managed to place the first digital bond with its own issue of SDX in November 2021. In October 2022, special participation certificates from Berner Kantonalbank were added to the Daura digital platform. At the beginning of the year, the city of Lugano issued a digital bond on SDX, with ZKB serving as lead manager.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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