Switzerland: 177-year-old Private Bank to Support Cryptocurrency Trading
A 117-year-old Swiss private bank, Bordier & Cie SCmA, is incorporating Sygnum Bank’s B2B banking platform to extend its offerings and include cryptocurrencies, a press release on Feb 24 shows.
More Regulated Channels of Buying Bitcoin and Cryptocurrencies
As a result of this integration, their clients can now–in a regulated environment, buy digital assets like Bitcoin and Ethereum. They will simultaneously diversify using Sygnum’s digital asset management products.
The infrastructure merger enables the private bank’s clients to participate in the burgeoning digital asset space confidently with the assurance that their activities are compliant with existing laws.
Besides, they want to establish a base leading to broader offerings of regulated digital asset services and products.
High Demand for Digital Assets for Diversification Reasons
Consequently, through this platform, users will be able to deploy sophisticated trading strategies like options and access previously inaccessible assets now made available via tokenization.
Commenting, Evrard Bordier, the managing partner of Bordier & Cie, said:
“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.”
Institutional Push, Bitcoin Rally to $58k
Following the parabolic rise of Bitcoin and crypto prices in the last few months, institutional investors and public companies have been flowing to crypto.
They are actively allocating a portion of their cash reserves in potent digital assets, especially Bitcoin.
Tesla is the latest high-profile company to buy $1.5 billion worth of Bitcoin. In a filing to the SEC, they said their foray into Bitcoin was for diversification purposes.
Despite the plunge of early this week, crypto supporters remain confident, expecting more price gains in days ahead. Specifically, public companies are doubling down on cryptocurrency.
For instance, buying the dip, Square—the parent company of the cryptocurrency processing application Cash App, bought $170 million of Bitcoin on Feb 23. At the same time, MicroStrategy—the business intelligence platform listed at the NASDAQ and the world’s largest holder of BTC, plans to buy an additional $1 billion of BTC.
As expected, more retailers are interested in Bitcoin as per a BTCManager report. Data shows a spike in “Bitcoin” search terms on Twitter.