Hypothekarbank Lenzburg is the first bank in Switzerland to provide business accounts for blockchain and crypto companies.
Business accounts for crypto companies in Switzerland possible
While Falcon Private Bank has been offering crypto asset management services since last year, Marianne Wildi, CEO of Lenzburg Mortgage Bank, confirmed that it is the first bank in the country to open business accounts for crypto companies. Wildi said:
As a technology-driven bank pursuing a cooperative fintech strategy, it is also a matter of credibility to work with the young sector of crypto and blockchain companies in Switzerland
Wildi stated that she was aware of “the money laundering problem in the area of crypto companies and Initial Coin Offerings (ICOs)”. The bank had examined the relevant risk and compliance issues “very carefully”. The Swiss Financial Market Supervisory Authority (FINMA) decided to work together with crypto startups.
According to Wildi, Hypothekarbank Lenzburg is said to have been very selective in the acquisition of new customers and has recently acquired only two companies in the crypto industry. Before accepting a new client, the bank carries out a rigorous due diligence process.
The Swiss canton of Zug has become a global hub for the crypto-currency industry and has adopted the nickname “Crypto Valley”.
For example, Bank Frick from Lichtenstein sees no compliance problems or risks for its reputation in business with Swiss cryptographic companies. In February, Bank Frick introduced direct crypto investment and cold storage services for Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ethereum.
The Principality of Liechtenstein has developed into an important financial center in Europe and also wants to play a central role in the fintech industry. In March, the government introduced comprehensive blockchain laws governing blockchain business models and underlying blockchain systems.
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