Swiss private bank Bordier & Cie is the latest to join the crypto game, through a collaboration with Sygnum.
Under the agreement, the private bank fully integrated Sygnum’s B2B banking platform to help its customers buy, hold and trade virtual currencies.
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The partnership will support cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash and Tezos.
Under the agreement, Sygnum offered the digital asset expertise and the all-in-one B2B banking platform coverinf the safekeeping of private keys, selection of and connectivity to liquidity providers, digital asset AML and transaction monitoring.
Bordier will manage its client relationships, and clients can avail Sygnum’s range of digital asset management products. Through the integration, the private bank plans to simplify the transactional process for its customers and help them invest in digital assets while doing away with the requirement for multiple channels.
Sygnum Bank group CEO Mathias Imbach said: “Bordier continues its 177-year tradition of safeguarding clients’ wealth for future generations by offering the ‘next generation’ of assets to its clients.
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By GlobalData“Bordier’s timeless values and Sygnum Bank’s vision for Future Finance is a powerful combination in the changing financial landscape.”
The addition of include digital assets to its private banking services is said to have been triggered by rising client demand.
The total market capitalisation of digital currencies is said to have grown nearly four times to reach $1trn. As a result, it became the best performing asset class last year.
Bordier & Cie SCmA managing partner Evrard Bordier stated: “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.”
Crypto moves by other Swiss firms
Earlier, various Swiss banks have shown interest in the digital asset class.
In January 2020, Julius Baer launched its digital assets service, in partnership with crypto-bank SEBA.
Later last year, Swiss private bank Maerki Baumann said that it is offering trading and custody of cryptocurrencies and other digital assets to its clients.
In 2019, Swiss asset manager Vontobel launched a service called Digital Asset Vault to help banks and wealth managers in Switzerland to deposit, buy and sell crypto on behalf of clients.
