In brief
- Swiss bank Bordier & Cie SCmA has added cryptocurrency trading to its services.
- At launch, the new offering supports at least four cryptocurrencies.
Bordier & Cie SCmA, a Swiss bank that was founded in 1844, has added cryptocurrency trading to its list of services, according to a press release published today.
“We have seen increasing demand from our clients to diversify into alternative asset classes such as digital assets,” said Bordier’s managing partner Evrard Bordier.
The new service allows Bordier’s clients to buy, hold and trade cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Tezos. The firm plans to expand the number of coins it offers in the future.
Banking platform Sygnum Bank is providing the infrastructure management that will custody the private keys that control access to the coins, connect with liquidity providers, and monitor transactions. It will also ensure the bank has anti-money laundering procedures for its cryptocurrency holdings.
“Bordier continues its 177-year tradition of safeguarding clients’ wealth for future generations by offering the ‘next generation’ of assets to its clients,” added Sygnum’s group CEO Mathias Imbach.
At the same time, Bordier stressed that the service is an “execution-only” type of deal, which means that the bank won’t offer any additional advice or consulting services in regard to cryptocurrencies.
As Decrypt reported, business intelligence firm MicroStrategy added another $1 billion worth of Bitcoin to its balance sheets today, yet again reinforcing the notion that demand for crypto investments is growing among institutional companies. And this is forcing banks to take note.