Hypothekarbank Lenzburg is the first bank in Switzerland to open bank accounts for companies whose activities are related to cryptocurrencies and blockchain.
Last year, Falcon Private Bank has started offering crypto asset management services. However, Hypothekarbank Lenzburg CEO Marianne Wildi pointed out that the bank will become the first in the country to open accounts for fintech companies.
Wildi also stressed that the bank is aware of "the money laundering problem in the area of crypto companies". Therefore, the financial company carefully studied the issues related to risks and compliance with the rules.
Before the start of cooperation with crypto startups, the bank announced its decision to the Swiss Financial Market Supervisory Authority (FINMA). Hypothekarbank Lenzburg approaches the reception of new clients very selectively and conducts a thorough check of each candidate. According to Wildi, at the moment, there are only two crypto companies among their clients.
"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,” she said.
Last year, the private Swiss bank Falcon Private Bank gave its customers the opportunity to buy and store Ethereum, Litecoin and Bitcoin Cash on their accounts.
Despite this fact, Hypothekarbank Lenzburg decision is very important for the cryptocurrency market. Switzerland already has its own “Crypto Valley.” Canton of Zug is a global center for the crypto industry representatives. However, due to the policy of local banks, a large number of local crypto startups are forced to resort to the services of foreign companies.
By Ekaterina Ulyanova