First Bank in Switzerland Provides Business Accounts to Crypto-Startups

First Bank in Switzerland Provides Business Accounts to Crypto-Startups

In Switzerland, companies, which focus on cyber assets and DLT, have got an incredible opportunity – to open business accounts in one of the country’s financial establishments. Its name is Hypothekarbank Lenzburg, and it is believed to be the first Swiss bank that has lent a hand to crypto-businesses.

Switzerland Going Ahead, Again

According to the report of Cointelegraph auf Deutsch, dated June 6, a bank in Switzerland has provided crypto-business with an option of opening a business bank account.

Interestingly, around a year ago another Swiss bank – Falcon Private – was authorized to assist crypto-business with management services. Now, blockchain and cyber-money firms have got new business possibilities thanks to Hypothekarbank Lenzburg. The information concerning the issue has been confirmed by the bank’s top exec. In particular, she announced:

"As a bank that sets itself up technologically and pursues a cooperative strategy in the field of fintech, it is also a matter of credibility to work together with the young sector of crypto and blockchain companies in Switzerland."

Accepting New Clients Carefully

The bank’s CEO admitted she knew about the issue of money-laundering in the niche of digital assets and startups, which are oriented at them, as well as in ICOs.

At the same time, it has been reported that Hypothekarbank Lenzburg studied all the potential risks and the problems of compliance very attentively. Moreover, it has notified the Swiss Financial Market Supervisory Authority some time before making its decision to deal with crypto-firms.

It is also noticeable that the bank is not going to provide its servicing to any crypto-startup that turns for its help. Indeed, the bank is allegedly very captious when accepting novel clients. Not long ago, the Hypothekarbank Lenzburg has accepted as new customers only two crypto-firms. However, before doing that it was pretty strict due to the process of diligence. The establishment seems to keep being so.