Cryptocurrencies are starting to gain traction among Swiss financial institutions. More than half of Swiss banks are contemplating introducing crypto investing services to their customers over the next three years, according to a poll.
Clients will be able to invest in cryptocurrency through the majority of Swiss banks
According to the Banking Barometer 2022 poll conducted by Swiss company Ernst & Young EY, 55 percent of Swiss banks intend to develop crypto investment options for their clients, which is a departure from Swiss banks’ previous stance on crypto.
Private banks were the most interested in providing cryptocurrency, according to the report. 86 percent of the private banks polled plan to provide cryptocurrency investing services. The banks don’t think about how incorporating cryptocurrency would affect their objective of being more sustainable.
The majority of banks, according to the research, intend to spend 2022 focused on addressing their clients’ financial and investment needs. Customers have requested crypto investing services, thus they are eager to provide it.
The banking industry in Switzerland might be extremely advantageous to cryptocurrency
Switzerland is known as one of the world’s major financial and banking centres, contributing 9.7% of the Swiss economy’s gross value added.
The first Crypto fund was approved by Switzerland’s banking authority last year. A slew of FinTech banks have already begun to provide crypto investing services in the nation. SEBA and Sygnum, two of these cryptocurrency banks, have secured above $200 million in investment. Bitcoin is expected to hit $75,000 this year, according to SEBA.
According to market observers, the fresh crop of cryptocurrency banks is placing traditional banks under a lot of strain. Traditional banks, according to Dinners editor Rico Kutcher, would have their tongue cut out for them if they want to integrate bitcoin.
