A 177 year old bank in Switzerland has enabled cryptocurrency trading as part of its services with the expectation that it will expand. Bordier & Cie SCmA has added Bitcoin and other cryptos to its list of services by working with a well-known domestic crypto player.
Bordier customers can also buy and hold other cryptos
According to the announcement, the Swiss bank, founded in 1844, argued that a surge in demand from its customers encouraged it to include cryptocurrencies. Bordier & Cie’s SCmA management believes that diversification into “alternative asset classes such as digital assets” is needed.
Bordier has teamed up with Sygnum Bank, one of the first Swiss crypto banks, to support the infrastructure management behind the crypto offering. It includes the storage of the private keys to control access to the cryptocurrencies and to establish a connection with liquidity providers.
With the new service, Bordier’s customers will have the ability to buy, trade and hold digital assets such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Tezos (XTZ). However, the bank is keen to further expand the offer.
Bitcoin is the “new digital gold”
Mathias Imbach, Group CEO of Sygnum Bank, commented on the impact of the announcement on the current financial environment:
Bordier continues its 177 year tradition of safeguarding its clients’ wealth for future generations by offering its clients the “next generation” of assets. Bordier’s timeless values and Sygnum Bank’s vision for future finance are a powerful combination in the changing financial landscape.
Bordier & Cie SCmA praised the total market cap for crypto during the announcement, which nearly quadrupled in 2020. The Swiss bank added:
In a portfolio context, because of their high growth and low correlation with traditional assets, cryptocurrencies are a powerful tool for enhancing diversification and generating superior risk-adjusted returns. Bitcoin in particular, which many consider the new “digital gold” due to its ability to hedge against inflationary pressures, has seen strong institutional acceptance as an alternative investment.
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