Summary
Switzerland’s InCore bank is shifting its business towards the lucrative cryptocurrency and blockchain industry.
Switzerland’s InCore Bank Now Offers Banking Services to Kraken Clients
Switzerland’s InCore bank has signed a partnership agreement with Kraken crypto exchange. The bank has become the first financial institution in the country to provide banking services to Kraken clients. The Swiss bank is expanding its digital asset’s strategy through the partnership with Kraken. According to euro-based volume, Kraken is the largest crypto exchange in Europe.
InCore Welcomes Crypto Relationships
With such integration, Kraken clients would be able to access the banking services of InCore bank. Institutions and private clients would be able to transfer their fiat assets via InCore bank to the cryptocurrency exchange.
Kraken is offering clients another secure and simple method to feed their accounts in four major currencies, including EUR (Euro), GBP (British sterling pound), CHF (Swiss Franc), and CAD (Canadian dollar).
With the announcement made on 2nd July 2020, clients located in Europe can now feed their accounts in euro via Single Euro Payments Area (SEPA) deposits, which is a new method for cross-border Euro bank transfers. Later in Q3 2020 (July – September), Kraken and InCore bank will as well enable the other currencies (British sterling pound, Swiss Franc, and Canadian dollar). The support of the four major currencies would ensure that investors and traders begin trading against Kraken’s 30+ listed crypto assets with ease and simplicity.
The integration has come the right time as institutions and individual traders across the globe are increasingly seeking new sources of capital value during this uncertain macroeconomic climate. Since the worst financial market sell-off during March this year, Bitcoin has brought more profits to investors than major market indices in Europe like the continent-wide Stoxx 6000. Furthermore, there are various exciting developments concerning other assets like Ethereum, which investors are seeking to include in their portfolios.
The CEO of InCore bank, Mark Dambacher, said that institutional and private clients who want to diversify their portfolio in an innovative and intelligent manner with Kraken could transfer fiat assets through InCore bank to the cryptocurrency exchange. He stated that cryptocurrencies are a valuable addition to modern asset management and would be essential as a payment method and source of investment in the future. This is the reason why InCore bank is delighted to provide this service to Kraken clients, Dambacher said.
The head of banking and payments at Kraken, Maximillian Marenbach, also said that the crypto exchange is happy to work with InCore bank to strengthen further the links between the cryptocurrency industry and traditional financial institutions. He mentioned that Kraken crypto exchange is constantly working to provide its clients with additional options for funding their accounts.
Banking with Crypto
Amid the market instability caused by the coronavirus pandemic, a major shift appears to be taking place within the cryptocurrency industry. After years of false beginning and criticisms from the traditional financial institutions and banking sector, new partnerships and legislations appear to suggest that the industry is just about to start adopting crypto services.
Earlier this year in March, assets of all categories, including cryptocurrencies, crashed due to the coronavirus epidemic. However, cryptocurrencies made a remarkable quick bounce back, with prices recovering to almost pre-COVID-19 levels. Cryptocurrency appears to have turned out as a better performing asset class and recovering much faster than others.
The Covid-19 caused a disruption that has made major financial institutions and banks to contemplate about offering crypto services. JP Morgan Chase, a leading global bank and one of the biggest banking institutions in the US, announced a partnership with crypto exchanges Coinbase and Gemini in May this year. JP Morgan Chase became the first giant bank to accept crypto exchanges as banking customers, therefore making them its clients from the cryptocurrency industry. This has been a great sign that traditional financial institutions are becoming more comfortable with the idea of trading in cryptocurrency. However, the trend towards crypto banking is not limited to the US. In Germany, more than 40 financial institutions showed interest in providing crypto services under the new legislation.
original source
https://www.finews.com/news/english-news/41970-incore-bank-kraken-crypto-exchange-fintech
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