The eight-largest bank, Basler Kantonalbank (BKB) of Switzerland are treading now intro the cryptocurrency industry.
Opening a subsidiary called Bank Cler, this is Swiss Authorities’ response to the increasing demand to add innovation with the digital currency – that is, cryptocurrency.
Founded in 1899, Basler Kantonalbank, also called Basel Cantonal Bank, bids corporate and private banking, and retail services. It’s the market net worth total assets is reaching approximately $49 billion.
Bank Cler said that its crypto push is in response to demand among its younger clientele, who wish to invest in crypto assets. Bank Cler’s spokesperson, Natalie Waltmann, told the news outlet:
To bolster its initial offerings, the bank has hired Alain Kunz to lead its digital asset business.
According to his Linkedin page, he has worked as the CEO of a fintech company, namely Polarlab, and the founder of Tokensuisse.
Last December, the S&P Global Ratings projected BKB a “steady” outlook, reflecting the Swiss Canton of Basel-City.
An analyst from the said firm said that they expect BKB to retain a record high eighth-largest bank in Switzerland with some assets of CHF45 billion [$49 billion] as of June 30.
In general, Switzerland announced its cryptocurrency services, including Seba, which released a range of crypto services in November last year. This includes Julius Bear, Sygnum, and Falcon, to name a few.
Other firms involved in crypto within the country are Maerki Baumann, which unveiled it’s trading and custody services into bitcoin, bitcoin cash, ether, bitcoin, and XRP, based on initial news.