Bitstamp, the European cryptocurrency exchange has announced that it is entering into a partnership with major Swiss online bank Dukascopy Bank.
Bitstamp will handle bitcoin (BTC) transactions on behalf of the Swiss bank. This means clients will be able to send BTC to their accounts, convert them to US dollars and trade on the Swiss FX marketplace. Furthermore, customers can transfer BTC funds back to their Bitstamp wallet. Bitstamp said in a statement that it hopes this partnership will make a contribution to “bridging the gap between crypto and traditional finance,” as reported by Cointelegraph.
In 2018, the Belgian-based investment firm NXMH acquired Bitstamp. NXMH is a subsidiary of the South Korean media giant NXC Corp. Not long after this move, Bitstamp announced its intention to pursue “global expansion.”
Switzerland’s Crypto Valley is leading Europe
Switzerland is a leader in the European crypto scene, largely thanks to its government being crypto friendly. In December, 2018, the Swiss city of Zug — dubbed “Crypto Valley” — rankedas the fastest-growing tech community in Europe, according to the annual “State of European Tech” report from London-based global technology investment firm Atomico. And just last week a study by Swiss crypto investment firm CV VC indicated that the number of blockchain-related firms in Switzerland and Liechtenstein is rising despite the bearish crypto market.
More Swiss banks offer crypto services
Falcon Private Bank, also Swiss-based like Dukascopy, introduced support for direct transfers and storage of select cryptocurrencies in recent months, and as of this month, the bank is supporting BTC, ETH, LTC and BCH.
Swiss bank Vontobel launched a crypto custody solution this month. It is targeting banks and asset managers with a solution that will allow them to offer clients a number of crypto-related services including digital asset purchases, transfers and storage.