Switzerland is not only known for its sustainable banking but also has become a big spotlight for cryptocurrency and blockchain technologies. Town of Zug is sometimes called the “Crypto Valley” of Switzerland due to having number of notable crypto startups here, including Ambrosius, Bancor and Jibril Network. Innovative approach to financial technology sector also helps more new projects to appear.
But there was a kind of paradox: while entrepreneurs and developers in crypto field were eager to start a project in Switzerland, they could not secure a business bank account in the country. Recently, they have had to reach out to Liechtenstein’s Bank Frick to get banking services for their business due to its crypto possibilities and available trading between Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin and common currencies.
But now, Hypothekarbank Lenzburg, a Swiss bank whose history begins in 1868, has begun to offer business accounts for crypto companies in the country. However, not every entrepreneur in this field would be able to create a bank account with Hypothekarbank - every candidate is strictly examined before the partnership. The bank has only opened an account for two companies so far.
The customers review is made for the bank by Geissbühler, Weber & Partner AG. The bank states that their partner has “a lot of cryptographic know-how and analyze customer inquiries about the legal consequences and backgrounds”.
Hypothekarbank says that technological innovations in its fintech sphere are to entrench security, cooperation and credibility in the partnership with the young sector of crypto and blockchain companies in Switzerland.