One of Switzerland’s oldest banks, Bordier & Cie SCmA, is the latest traditional financial institution to add cryptocurrency offerings to its services list.
The Swiss private bank said today that it has partnered with the popular cryptocurrency bank, Sygnum, to enable its customers to buy and sell digital currencies, such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Tezos (XTZ).
The bank noted that the initiative had been conceived from increased clients’ demands, prompted by the rapid growth of cryptocurrency toward the end of last year.
According to the announcement, the bank moved swiftly to integrate Sygnum’s B2B banking platform into its existing infrastructure in less than 60 days to get the service on the way.
While the bank will only support a handful of cryptocurrencies, it promised to increase the number of coins as clients become comfortable with the new service.
Notably, the bank will provide the service on an “execution-only basis,” which implies that the 177-year-old bank will not provide any financial advice about the investment’s pros and cons.
Commenting on the development, Evrard Bordier, Bordier & Cie SCmA’s Managing Partner, said the bank had seen increasing demand from its clients to offer alternative investments, especially cryptocurrencies.
“By partnering with Sygnum Bank, we are providing our customers with a one-stop, integrated solution while empowering them to invest in this new, high growth asset class with complete trust,” Bordier added.
Mathias Imbach, Sygnum Bank’s Group CEO, commented that the idea to offer crypto service for Bordier clients shows the bank is still committed to its 177-year tradition of providing effective safekeeping for customers’ wealth for future generations.
Banks Joining The Crypto Adoption Trend
Despite calls by traditional financial experts asking people to stay away from cryptocurrency investments, millions of investors are still showing interest in cryptos daily, forcing banks to add the asset class to their list of services.
Traditional banks, which were among the main critics of crypto during its early stages, are now offering crypto-related services or risk losing most of their customers to other financial service providers willing to provide similar offerings.
In a similar development, America’s oldest bank said earlier this month that it would be offering crypto-related services, including storing and processing crypto transactions for its clients.
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