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Basler Kantonalbank (Courtesy: Finnews.com)
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Banks In Switzerland To Launch Crypto Services

Basler Kantonalbank (Courtesy: Finnews.com)
Basler Kantonalbank (Courtesy: Finnews.com)

In a major boost for Swiss citizens, a commercial bank in Switzerland has planned to launch cryptocurrency services through its banking subsidiary. Basler Kantonalbank is a government-owned commercial bank which is planning to run the services in the country.

A Swiss news agency Finews reported that BKB’s subsidiary and a national banking group, Bank Cler, are working on services that will allow customers to trade and store cryptocurrencies.

The bank owns majority of stake in Cler, although the subsidiary possesses its own banking license separate from BKB. 

A spokesperson from the bank said that they are working to offer their clients a solution for the trading and deposit of selected cryptocurrencies.

“In the BKB Group, we are working to offer our clients a solution for the trading and deposit of selected cryptocurrencies. As an established regional (Basler Kantonalbank) and indeed national (Bank Cler) banking group, we wish to give our clients secure access to these new financial products., a BKB spokesperson told Cointelegraph.

However, it is still not clear from the bank that which type of cryptocurrencies will it provide. The development for the initiative is still at the primary stage.

Switzerland is one of the most friendly cryptocurrency destination in the world and it might help the digital coin develop further.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.