Hypothekarbank Lenzburg's Crypto & Blockchain Business Banking Accounts Now Available
Effective June 6, 2018 the Hyporthekarbank Lenzburg became the first bank in Switzerland to open up business accounts to crypto and blockchain companies. And, it would appear they didn’t do this on an impulsive decision either.
The bank informed the Swiss financial Market Supervisory Authority of the decision and explained that they have evaluated the risks along with compliance and found no reason not to move ahead.
Hyporthekarbank Lenzburg is known for being particular with the customers they accept in fact, only two crypto space companies have been accepted thus far. To say that their process is extensive is an understatement.
Although the Falcon Private Bank provided asset management services to the crypto companies since last year, they were not open for company or blockchain accounts. As a result, Hyporthekarbank Lenzburg takes the place of the first in the country to do so.
Crypto In The New World
There has been a surge in the crypto world, banking policies forced companies to seek refuse abroad to facilitate their banking needs – this was a great move by the Swiss bank. In fact, deemed as a major financial hub in Europe this will be a pivotal component to their own positioning in the industry too.
And so, despite the existing restrictions from the government on blockchain legislation and regulating the model in and of itself, the Swiss bank as mentioned above, evaluated the risks and found that there were no issues that would hurt their reputation.