As a researcher with extensive experience in the financial sector and a keen interest in the intersection of traditional finance and emerging technologies, I find this development by Luzerner Kantonalbank AG (LUKB) truly groundbreaking. The ability to deposit and withdraw cryptocurrencies from a traditional bank account is a significant step towards mainstream adoption of digital assets.
On Tuesday, September 24th, Luzerner Kantonalbank AG (LUKB) made a groundbreaking move by becoming the initial traditional Swiss bank to offer cryptocurrency deposit and withdrawal facilities for both individual and institutional clients within the area.
As a forward-thinking crypto investor, I’m thrilled about the recent development less than three months since the company unveiled their crypto investment strategy in June. This groundbreaking plan empowers us to effortlessly invest small amounts, as low as 10 francs, in digital assets on a regular and automated basis. The firm has seamlessly integrated this initiative into their main banking system and digital platforms, ensuring smooth access via mobile and desktop devices.
LUKB Expands Access to Crypto Trading
Beginning October 1, 2024, LUKB will broaden its crypto services to enable clients to transfer digital assets such as Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), and the stablecoin USD Coin (USDC) directly from their personal crypto wallets into their bank’s securities accounts. The supported digital assets include Bitcoin with a market cap of $1.24 trillion, Ethereum with a market cap of $312.70 billion, Chainlink with a market cap of $7.14 billion, Polygon with a market cap of $1.20 billion, and the stablecoin USD Coin with a market cap of $35.93 billion. The 24-hour trading volume for these assets ranges from $6.26 billion for USDC to $28.04 billion for Bitcoin.
Keep in mind that a minimum transfer value of 20,000 francs is required. Moreover, moving digital assets to the bank is allowed, but the system for withdrawing assets to external wallets is currently being developed by the company.
As a crypto investor with LUKB, I’m excited to share that we are developing a feature allowing seamless transfer of your crypto holdings to an external wallet through our e-banking platform. Please note that for now, transfers can only be made under specific conditions. If you’re eager to move your cryptocurrencies to an external wallet today, I encourage you to reach out to your dedicated customer advisor or send us a message via e-banking for assistance.
The Swiss bank highlighted that the new services will be rolled out progressively, enhancing their current selection of cryptocurrency trading and storage options.
Secure Custody for Digital Assets
LUKB guarantees a secure environment for storing customer’s cryptocurrencies within a controlled and compliant platform. The bank states that users’ assets are kept in an ISAE 3000-verified system, which is acknowledged by the International Federation of Accountants (IFAC).
Initially developed for conventional financial investments, the LUKB depository system is now equipped to handle digital assets. The bank clarified that clients can set up this platform for cryptocurrency trading and safekeeping in a straightforward process involving only three easy steps.
Commencing in August 2023, LUKB embarked on their cryptocurrency adventure by teaming up with FireBlocks, a Web3 firm that streamlines the development of blockchain-based solutions. This partnership facilitated the bank’s construction of the essential framework for its crypto trading and safekeeping services.
The First Traditional Bank
As an analyst, I disclosed that at the given point in time, our company (LUKB) was collaborating with firms like FireBlock, Sygnum, and Wyden. Notably, Sygnum is a Swiss fintech bank overseen by local financial authorities, while Wyden specializes in institutional crypto trading.
In collaboration, the trio of businesses constructed a strong foundation for LUKB’s cryptocurrency services, assigning distinct tasks to each one of them.
Following over a year of refinement, LUKB is now honored to be the initial conventional Swiss bank providing a complete array of cryptocurrency trading and safekeeping services.
As a researcher, I’d note that by implementing deposit and withdrawal functions, LUKB is asserting its position as a key player in the cryptocurrency sector. Being the first traditional bank to extend such services to our clients, I take pride in this groundbreaking move. Marcel Hurschler, CFO of LUKB, expressed these sentiments.
Read More
Sorry. No data so far.
2024-09-24 17:45