Swiss Bank InCore has just become the first banking institution in the nation to provide banking services to Kraken crypto exchange.
The deal, which was made public on Friday, will allow Kraken clients to finance their trading accounts using four different currencies – British pound, Swiss franc, Canadian Dollar, as well as the euro.
InCore Bank CEO, Mark Dambacher, explained that the services would be available to both institutional and individual clients. He stated:
“Private and institutional clients who want to diversify their portfolio in an intelligent and innovative way with Kraken can transfer fiat assets via InCore Bank to the crypto exchange.”
Dambacher expressed the bank’s gratitude in partnering with Kraken. He said that since cryptos are virtual assets, they will be an essential addition to the bank’s modern asset management portfolio as they can be used for both payments as well as investment for future use.
The partnership comes as no surprise to many banking analysts as the bank seems to be strategically positioning itself towards blockchain apps, tokenization as well as cryptos.
To start with, clients within Europe will only be able to deposit euros to their accounts via the Single Euro Payments Area (SEPA) platform, a payment platform developed by the EU to ease euro bank transfers. However, the two firms plan to include the Swiss franc (CHF), Canadian dollar (CAD), and British pound (GBP) during the third quarter of the year.
Although its headquarters are in the US, Kraken is currently Europe’s biggest crypto exchange based on its Europe’s volumes. The firm has been at the forefront to expand its services, and, last month, it expanded to Australia after the addition of the Australian Dollar in its platform.
Kraken’s head of banking and payments, Maximilian Marenbach, explained that the partnership with InCore would not only help in enhancing its service delivery but also build a secure link between the conventional financial system with the crypto sector. He praised InCore for their grasp of the potential of the digital assets. He added that this would make the bank a formidable funding partner for Kraken customers.