A Swiss bank with a history of 177 years has enabled cryptocurrency transactions within its scope of services and is expected to expand its scale. Bordier & Cie SCmA cooperated with a well-known domestic encryption company to add Bitcoin and other encryption technologies to its list of services.

Bordier customers can also buy and hold other cryptocurrencies

According to the announcement, the Swiss bank founded in 1844 argued that the surge in customer demand encouraged them to join cryptocurrencies. The management of Bordier & Cie SCmA believes that they need to diversify to “alternative asset classes, such as digital assets.”

Bordier partnered with Sygnum Bank, one of the earliest Swiss crypto banks, to support the infrastructure management behind crypto products. It includes the custody of private keys to control access to cryptocurrency and establish contact with liquidity providers.

With this new service, Bordier customers will be able to buy, trade and hold digital assets such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and tezos (XTZ). However, banking institutions are trying to further expand the scope of issuance.

Bitcoin is the “new digital gold”

Mathias Imbach, CEO of Sygnum Bank Group, commented on the impact of the announcement on the current financial environment:

Bordier continues its 177-year tradition of protecting the wealth of future generations by providing customers with “next generation” assets. Bordier’s eternal values ​​and Sygnum Bank’s vision for the future of finance are a powerful combination of the ever-changing financial landscape.

In a statement, Bordier & Cie SCmA praised the total market value of cryptocurrencies, which has increased nearly four times in 2020. UBS also added:

In the context of investment portfolios, the high growth and low correlation between cryptocurrencies and traditional assets make them a powerful tool for enhancing diversification and obtaining excellent risk-adjusted returns. Bitcoin, in particular, is regarded by many as a new “digital gold” due to its ability to withstand inflationary pressures, and it has been widely adopted as an alternative investment.

What do you think of this announcement in Switzerland? Let us know in the comments section below.

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