In a bold and exciting move, Hypothekarbank Lenzburg, a commercial bank from Switzerland has recently announced that, for the first time, it will begin to accept cryptocurrency related accounts for its business banking customers. This will allow for cryptocurrency related activities to be integrated into the services provided by Hypothekarbank Lenzburg for its business users. According to Bitcoin.com, the CEO of Hypothekarbank Lenzbug, Marianne Wildi said:
“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.”
It seems as it this roll out will come via a partnership with a new contractor, Geissbühler, Weber & Partner AG, who will be working alongside Hypothekarbank Lenzburg to ensure they new cryptocurrency accounts will work flawlessly. According to Bitcoin.com, Wildi discusses this partnership further, stating that:
“They already have a lot of cryptographic know-how and analyse customer inquiries about the legal consequences and backgrounds. After due diligence they give us a recommendation, and the decision then follows. It’s true that the customer review process is more involved in such relationships, but it does not make any difference to other customer relationships insofar as compliance processes have to work flawlessly anyway.”
You can see the full report by Bitcoin.com here- https://news.bitcoin.com/switzerland-shows-the-way-bank-first-to-offer-crypto-business-accounts/
This news is a very exciting development and sets Switzerland as a new leader for cryptocurrency adoption and mainstream recognition. By being the first commercial bank to offer such services, we can expect other banks in the area to do the same, in order to keep up with the competition. Moreover, with Europe being very open in terms of its borders etc, it may not be long before we other nearby countries such as France, Germany and Austria following on from this, in order to bolster their own reputations and financial services. In short, if more banks its Switzerland do the same, convergence dictates that new banks in those surrounding area will reflect the sentiment. If this happens, we could see a new sort of crypto-banking spread take off through Europe, if this happens, we are certain it won’t be long before more Northern European states such as the UK and Norway follow on and thus, we would expect to see the same in the South, within countries such as Spain, Italy and Croatia.
This news is good news, not just for Switzerland but for the rest of Europe, and cryptocurrencies on the whole.