Leading Swiss bank Bordier & Cie SCmA will soon be entering the crypto market space. The private bank announced they have partnered with Sygnum to incorporate their B2B banking platform.
This partnership will allow Bordier customers to buy and sell digital currencies. Those coins include Bitcoin, Ether, Bitcoin Cash, and Tezos.
Bordier said in their announcement that this decision is being driven by increased client demand. They added that crypto’s increasing market cap has made digital currency the best-performing asset class and a “powerful tool” for portfolio diversification.
The bank also said that they were able to integrate Sygnum’s B2B banking platform “seamlessly” into its existing infrastructure. Adding that they were able to do so in less than 60 days.
Managing Partner Evard Bordier spoke on the reasonings for the move. “We have seen increasing demand from our clients to diversify into alternative asset classes such as digital assets.”
“By partnering with Sygnum Bank, we are providing our clients with a one-stop, integrated solution while empowering them to invest in this new, high growth asset class with complete trust.”
Sygnum Praises Bordier For Decision To Offer Crypto
Sygnum CEO Mathias Imbach also praised Bordier for its decision to offer crypto to its customers. “Bordier continues its 177-year tradition of safeguarding clients’ wealth for future generations by offering the ‘next generation’ of assets to its clients.”
“Bordier’s timeless values and Sygnum Bank’s vision for Future Finance is a powerful combination in the changing financial landscape.”
For the time being, the bank will only support a few cryptocurrencies. Bordier did promise to increase the number of coins as clients become more comfortable with the service however.
Also notable is that the bank will provide the service on an “execution-only basis.” This would seem to imply that Bordier won’t provide any financial advice about the investment’s pros and cons.
Switzerland has been one of the most crypto-friendly countries in recent years. Recently authorities even said they would accept Bitcoin and Ether for tax payments this year.
