Categories: News

Is The First Bitcoin Bank Set to Open in Switzerland?

The first ever bitcoin bank may be on its way to being established in Switzerland. According to various news reports, the group involved in the project has been holding talks with the Financial Market Supervisory Authority and they are set to submit their license application within the next few weeks. IT specialist Guido Rudolphi, one of eight people involved in the project, said they have spoken with investors and are already scouting for suitable premises for the bank.

If the project does materialize, it would result in an institution that would allow its clients access to conventional banking services while still raising revenues for the cryptocurrency industry. In addition, it would allow bitcoin exchanges to offer their services in Switzerland without the need to pass through foreign banks.

While no further details on the project were forthcoming, it is seen as an encouraging sign that Xapo recently decided to transfer its headquarters to Switzerland in order to take advantage of its regulatory stability as well as its secure cold storage vaults. Xapo specializes in bitcoin services and security and has been called the “Fort Knox” of bitcoin due to its cold storage vault servers, which offer secure storage of their clients’ bitcoin holdings.

The company made the move due to the concerns of its clients over increased regulation and oversight over the cryptocurrency in many countries. Switzerland was chosen due to its long-standing tradition of respecting the privacy of depositors in local banks as well as its neutrality and regulatory stability. However, Xapo CEO Wences Cesares said the move was not intended to abet criminal activity and customers who perform suspicious activities or do not conform to Swiss law will be reported to the proper authorities. In addition, those who cannot provide adequate documentation proving their identities will not be allowed to open accounts.

Related Post

Please follow us on twitter to stay updated with all the latest news stories. and Subscribe to the Newsletter !

 

 

Mark Arguinbaev

I'm a 28 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Share
Published by
Mark Arguinbaev

Recent Posts

Keep Network Price Up 45% Amid Upcoming Threshold Merger

Keep Network price is up over 45% today, making it the biggest gainer on Crypto.com.…

13 hours ago

Nugenesis Patented Gasless NFT Platform Will Bring Mainstream Adoption

NuGenesis has 4 patents pending for its gasless NFT multi-cross chain system. It sees NFTs…

17 hours ago

Top 5 Metaverse Coins With Fully Functional Apps to Watch In 2022

The hottest trends in crypto right now are meme coins and metaverse projects. With Facebook's…

18 hours ago

How to Identify and Report Cryptocurrency Scams

With crypto going mainstream, there are a lot of scams popping out. While buying certain…

20 hours ago

Top 5 Meme Coins to Watch for Short Term Profit

With all the meme coins coming out, if you're looking to make short term profit…

2 days ago

Helium Price Up 11%, Is HNT Ready for a Breakout?

Helium price is up 11.81% today, making it the third biggest gainer on Crypto.com, following…

2 days ago

This website uses cookies.