Basler Kantonalbank, a Swiss bank backed by the Switzerland government, announced its plans of offering crypto services to its customers. The new service will be provided by Bank Cler, one of its subsidiaries.
On Monday, August 3, Finews reported that the Swiss bank would be adding crypto services as part of its banking solutions. The new service is set to launch sometime in 2021.
Currently, there are no government-backed banks offering crypto services in Switzerland. If successful, Bank Cler would be the first. However, there are smaller banks that already provide crypto services, most notably Sygnum, Seba, Falcon, and Vontobel. Larger banks such as Credit Suisse and UBS have not yet shown any indications that they may be venturing into the crypto space.
According to Bank Cler, it will provide alternative solutions for its younger clients. Currently, traditional banking is still the mainstream mode of banking in Europe and around the world. However, progressive banks such as Bank Cler are beginning to embrace crypto to gain a competitive advantage in the banking space.
Earlier this year in March, the largest bank in the US, JP Morgan, began offering crypto services to Coinbase and Gemini customers. Bank of America followed suit shortly after.
PayPal is also partnering with Paxos to offer crypto services to over 300 million customers.
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