Investing.com - Cryptocurrencies were higher on Friday as Switzerland took steps to help blockchain companies get access to traditional banking services.
Bitcoin surged 4.65% to $6,736.50 on the Bitfinex exchange, as of 9:23 AM ET (13:23 GMT).
Cryptocurrencies overall were much higher, with the coin market cap of total market capitalization at $222 billion at the time of writing compared to $200 billion on Thursday.
Ethereum,or Ether, the second-biggest alternative currency by market cap, rose 7.39% to $228.60. XRP, the third-largest virtual currency, surged 33.75% to $0.56225 and Litecoin was at $58.254, up 6.05%.
The Swiss Bankers Association (SBA) issued guidelines to help banks create accounts for digital currency companies. The country has been facing an exodus of blockchain projects, as companies leave due to the difficulty of getting access to basic banking business needs.
"We believe that with these guidelines, we'll be able to establish a basis for discussion between banks and innovative startups, making the dialogue simpler and facilitating the opening of accounts," SBA strategic adviser Adrian Schatzmann said at a news conference.
According to the Crypto Valley Association, around 530 blockchain startups have settled in Switzerland's Crypto Valley hub around Zurich and Zug.
In other news, the company behind the Hong Kong stock exchange could invest in new technology like blockchain, Bloomberg reported.
HKEX CEO Charles Li is thinking about acquiring companies in the data, blockchain and analytics sectors and has already met with investment banks to negotiate.