The cryptocurrency space boom has continued to lead many crypto servicing firms into several innovations and product offerings as the market continues to get more popular in public. However, many traditional banks and financial institutions are also not left out, as they have also started to introduce cryptocurrency-tailored services to their offerings.
Most of the financial institutions getting involved have sighted that their customer demands are now propelling them to get involved in the cryptocurrency market. Bordier & Cie SCmA, one of the oldest banks in Switzerland, is the latest traditional bank to have now inducted crypto trading services to its offerings, as it announces that it will start offering its customers cryptocurrency services.
Sygnum Bank set to partner with Bordier & Cie SCmA
In a press release yesterday, the Swiss financial services giants announced that they will now offer their customers cryptocurrency trading services. In the press release, the firm said it would initially offer Bitcoin, Ethereum, Bitcoin Cash, and Tezos crypto trading service before fully inducting other altcoins into its services.
The bank’s managing partner, Evrard Bordier, believes that its customers’ growing demand to offer digital assets services is the driving force behind the innovation. As the executive assures that very soon, the bank will attend to more cryptocurrencies. The press release also detailed that the bank’s new cryptocurrency services will not feature any advisory and consultancy firm, as most of it will be handled by its partner.
The bank is also set to partner with Sygnum Bank, which has now been tasked to custody the digital assets for them, monitor all transactions, and ensure that their customers’ digital assets are well safeguarded and ensure compliance with financial regulatory policy. The new crypto service also means that the bank customers will only be able to perform streamlined crypto services with the firm, as most of their demands will be taken care of by Sygnum Bank.
Many banks will follow suit
The growing demand for cryptocurrencies like Bitcoin and Ethereum by many investors has now meant several blockchain services firms will have to develop many ideas to cope with the boom of the $2 trillion markets. Last Month, a Strategist at JP Morgan believe that the investment bank will soon join the growing list of crypto service firms.
It confirms that many of its institutional customers are also demanding. Bitcoin continues to be the most popular and most valuable cryptocurrency in the crypto market. Hence, a surge in demand for the digital assets is set to rise, even as the asset’s price volatility is on the rise.
Analysts believe that many banks will start partnering with crypto exchanges to offer crypto trading services in the next coming weeks, as their predictions for the market to triple looms ahead. However, the crypto community’s general belief that many institutions like banks in crypto trading will further improve the market’s image, which continues to face some criticism.