Thursday, February 6, 2025
USD 93,526
EUR 89,154
GBP 74,525
JPY 14,393,571
RUB 9,810,280
KRW 130,881,264
TRY 3,240,731
BRL 543,741
CNY 678,619.92
BTC
$93,568
-5.50%
ETH
$3,389
-1.47%
BNB
$630
-6.72%
SOL
$235
-8.90%
XRP
$1.40
-7.36%
TON
$6.07
-1.43%
Home News Swiss Bank to offer Business account to crypto and blockchain related project

Swiss Bank to offer Business account to crypto and blockchain related project

0

Switzerland is recognized as a center for cryptocurrency and blockchain transactions, with Zug (a place in the country) even being referred to as the “Crypto Valley”. The low-tax region is a productive ground for countless startups – ventures such as Ambrosus, Bancor and Jibrel Network have offices in Zug. Another huge cherry on the cake is Switzerland’s progressive approach towards innovation in the financial technology segment.

While the country’s welcoming stance towards crypto draws entrepreneurs and developers to the country, procuring a business bank account in the country’s famous Banks has been impossible until now. Hypothekarbank Lenzburg, a Swiss ban in operation since 1868, has announced its intention to allow companies from the crypto and blockchain sector to open business accounts with them. The bank will not be giving away accounts to everyone so easily; as there will understandably be an employment of strict vetting process for each applicant. For now, they have only opened an account for two such companies.

As a bank that sets itself up technologically and pursues a cooperative strategy in the field of fintech, it is also a matter of credibility to work together with the young sector of crypto and blockchain companies in Switzerland.

The bank is outsourcing the customer review process to Geissbühler, Weber & Partner AG, a company they say has “a lot of cryptographic know-how and analyze customer inquiries about the legal consequences and backgrounds”.

Many Switzerland based crypto ventures turn to Liechtenstein’s Bank Frick as their banking services provider. The bank has actually embraced cryptocurrency in a big way and is even offering cryptocurrency trading and custody for Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin.

LEAVE A REPLY

Please enter your comment!
Please enter your name here