Switzerland’s state-run commercial bank known as Basler Kantonalbank (BKB) has disclosed plans to roll out digital currency services by the next year. BKB will introduce cryptocurrency trading and custody services with the help of its banking subsidiary.
Giving clients access to new financial products
A local news media outlet Finews has reported this news on August 3, 2020, saying that Bank Cler, the national banking group and the banking subsidiary of Basler Kantonalbank are collaborating with each other on launching the cryptocurrency services in the country for users while giving them an opportunity to trade as well as hold cryptocurrencies by leveraging these services offered by the Swiss bank.
A representative from the bank said in a statement that the banking giant aims to provide its customers with the best solution for trading digital currencies. And they plan to give their clients open access to new financial products offered by the bank as the representative stated:
“In the BKB Group, we are working to offer our clients a solution for the trading and deposit of selected cryptocurrencies. As an established regional (Basler Kantonalbank) and indeed national (Bank Cler) banking group, we wish to give our clients secure access to these new financial products.”
Furthermore, the representative claimed that the country is currently witnessing a great deal of demand for digital currency therefore they have planned to roll out cryptocurrency services and new financial products in the response to this increasing demand of users.
However, BKB has only revealed its plans for this but has not disclosed the kind of cryptocurrencies it is looking forward to offering. The bank has not even given the final launch date as well.
First Swiss bank to step into Cryptocurrency industry
By launching cryptocurrency services and crypto-related financial products in the country, the Basler Kantonalbank will become the first-ever state-owned cantonal bank to offer this service there.
Speaking about this, the BKB representative said that Bank Cler’s digital competence center is continuously pushing forward this matter in the BKB Group.