Switzerland’s financial watchdog has approved InCore Bank to operate with digital assets in the Business-to-Business (B2B) market. The information was released by the financial institution in a recent official announcement in which they explain what they do and how this could positively impact businesses.
Swiss Bank Approved by Regulators
The Swiss Financial Market Supervisory Authority (FINMA) has decided to authorize InCore in order to hold, transfer and generate digital assets. As reported, this is going to be the first Swiss business-to-business bank that is offering crypto solutions to companies and clients.
Companies worldwide will be able to use InCore Bank services related to digital assets without concerns about using a non-approved or regulated institution. The report explains that cryptocurrencies and digital assets expanded and became indispensable payment and investment solutions.
Furthermore, analysts consider that Bitcoin (BTC) and other cryptocurrencies are going to become a standard product to offer to investors in a diversified portfolio. The bank is getting ready to start offering these solutions to clients that require it.
The CEO and the Founder of Crypto Finance AG, Jan Brzezek, stated:
“We are convinced it is only a matter of time before Bitcoin is part of a bank’s standard product portfolio. InCore Bank took an early and consistent approach to this topic, and we were immediately able to implement our brokerage and custody infrastructure.”
In this way, the bank will be the first one to offer customers easy and quick access to digital currencies to fulfil their needs. It is worth pointing out that InCore Bank acquired Maerki Baumann & Co. AG client. The parent company of this firm is also a stakeholder of InCore Bank.
InCore Bank will be able to offer its services in asset management by outsourcing crypto trading and crypto custody services. Moreover, the solutions provided by InCore Bank will be accessible to financial services providers and other institutions.
The bank is also planning to expand its services to include new clients and offer better and complementary solutions. They will be expanding the brokerage, custody and transfer services to security tokens. This is going to take place in cooperation with another partner called inacta AG, which is an independent Swiss IT consulting firm.
With the aforementioned services, the bank will also allow companies to manage their securities more easily and cost-effectively. Furthermore, they will also be able to raise new capital and offer other range of services such as issuance, distribution, brokerage and storage.