The first Swiss-backed bank, Basler Kantonalbank, will begin offering crypto custody and trading services via a subsidiary next year, Finews has learned.
Hence, Basler Kantonalbank will be the first cantonal bank in Switzerland to offer its services for the crypto market.
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Bank spokeswoman Natalie Waltmann added that Basler Kantonalbank hired Alain Kunz as its head of digital assets.
"We will launch an offering for trading and custody of digital assets," Waltmann added.
The financial institution decided to support cryptocurrencies amid growing demand among its younger clientele, who wish to investment in digital asset classes.
In April, the Capital Markets and Technology Association (CMTA) of Switzerland revealed new standards for the custody and management of digital assets.
The standards, which the CMTA defines as a series of requirements and recommendations for tech solutions enabling the custody and management of digital assets, were presented under the "Standards for the Custody of Digital Assets" document.
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