A 177-year-old bank in Switzerland has enabled cryptocurrency trading within its services, with expectations to expand. Bordier & Cie SCmA added bitcoin and other cryptos to its list of services by partnering with a well-known domestic crypto player.
Bordier Customers Can Also Buy and Hold Other Cryptos
According to the announcement, the Swiss bank, founded in 1844, argued that a surge in demand from their clients encouraged them to include cryptocurrencies. Bordier & Cie SCmA management believes that they needed to diversify into “alternative asset classes such as digital assets.”
Bordier partnered with Sygnum Bank, one of the first Swiss crypto banks, to support the infrastructure management behind the crypto’s offering. It includes the custody of the private keys to control access to the cryptocurrencies and connect with liquidity providers.
With the new service, Bordier’s clients will have the possibility to buy, trade, and hold digital assets such as bitcoin (BTC), Ethereum (ETH), bitcoin cash (BCH), and tezos (XTZ). However, the banking institution seeks to expand further the offering.
Bitcoin Is the ‘New Digital Gold’
Mathias Imbach, Sygnum Bank’s Group CEO, commented on the implications that the announcement has for the current financial’s environment:
Bordier continues its 177-year tradition of safeguarding clients’ wealth for future generations by offering the ‘next generation’ of assets to its clients. Bordier’s timeless values and Sygnum Bank’s vision for Future Finance is a powerful combination in the changing financial landscape.
Bordier & Cie SCmA praised the total crypto market capitalization during the announcement, which increased almost four-fold in 2020. The Swiss bank also added:
In a portfolio context, cryptocurrencies’ high-growth and low-correlation to traditional assets makes them a powerful tool to enhance diversification and achieve superior risk-adjusted returns. Bitcoin, in particular, which many see as the new “digital gold” due to its ability to hedge against inflationary pressure, has seen strong institutional adoption as an alternative investment.
What do you think about this announcement coming from Switzerland? Let us know in the comments section below.
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