Swiss Banks Experience Influx of Inquiries from Cryptocurrency Firms By CoinEdition

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Swiss Banks Experience Influx of Inquiries from Cryptocurrency Firms

Published Mar 22, 2023 06:55AM ET Updated Mar 22, 2023 07:00AM ET

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Swiss Banks Experience Influx of Inquiries from Cryptocurrency Firms

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Swiss banks have seen a surge in requests from cryptocurrency firms seeking stable banking services.

Switzerland’s position as a crypto hub has made it an attractive destination for cryptocurrency firms.

Despite Credit Suisse’s recent turmoil, crypto firms still show interest in Swiss banks.

With the collapse of two major lenders, Swiss banks have seen a surge in requests from cryptocurrency firms seeking stable banking services in a welcoming regulatory environment. Switzerland’s position as a crypto hub has made it an attractive destination for these firms.

Signature Bank (NASDAQ:SBNY) and Silvergate Capital (NYSE:SI) have been the go-to banks for many crypto companies. However, with two of the biggest lenders being not an option, cryptocurrency firms have turned to Switzerland, which has positioned itself as a crypto hub with solid regulation.

Despite the recent turmoil in the Swiss banking sector caused by Credit Suisse’s troubles, interest in Swiss banks from crypto firms remains strong. Several anonymous sources have confirmed that there has been a lot of interest from U.S. customers looking for new banking relationships in Switzerland.

An advisor at a private Swiss bank, who preferred to remain anonymous due to the matter’s sensitive nature, said, “We have been inundated with requests.” The advisor revealed that the private lender had more requests in a single day than ever before on the Monday after Silvergate and Signature Bank’s wind down this month.

Sygnum, one of Switzerland’s biggest banks focused on servicing digital asset companies, has also seen a surge in inquiries. According to Dominic Castley, Chief Marketing Officer:

The interest is mainly coming from investors, asset managers and blockchain projects looking to diversify their crypto investments with a trusted Swiss partner like Sygnum Bank.

Swiss banks are attracting companies due to their favorable regulatory framework for cryptocurrency firms. In addition, Switzerland’s “Crypto Valley” houses both start-ups and established digital currency firms.

According to Thierry Arys Ruiz, CEO of AgAu.io, Switzerland offers more stability and certainty in regulatory rules. Additionally, an anonymous advisor at a private Swiss bank stated that companies are seeking a safer jurisdiction for crypto regulation in Switzerland.

The post Swiss Banks Experience Influx of Inquiries from Cryptocurrency Firms appeared first on Coin Edition.

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Swiss Banks Experience Influx of Inquiries from Cryptocurrency Firms

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