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 â€œalternative asset classes such as digital assets.â€
Bordier partnered with Sygnum Bank, one of the first Swiss crypto banks, to support the infrastructure management behind the cryptoâ€™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, Bordierâ€™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 â€˜New Digital Goldâ€™
Mathias Imbach, Sygnum Bankâ€™s Group CEO, commented on the implications that the announcement has for the current financialâ€™s environment:
Bordier & Cie SCmA praised the total crypto market capitalization during the announcement, which increased almost four-fold in 2020. The Swiss bank also added:
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