Zuger Kantonalbank, Postplatz branch
The Zuger Cantonal Bank is no pioneer in the Crypto Valley, but there is a shift happening there that might indicate crypto currencies make their stand in the established financial sector.
While the major Swiss banks are relatively open toward the crypto scene in the early days, they later withdraw completely. Cryptocurrencies still have too shady an image for banks, and the many scandals and spectacular crashes help little, either. Crypto and blockchain projects still find it difficult to open a bank account in Switzerland and have to do business with banks in Liechtenstein.
Since August 2019, the two Swiss banks SEBA – since renamed Amina – and Sygnum exclusively offer crypto services. The big Swiss banks are also following suit. Zuger Kantonalbank, for example, stores cryptocurrencies for its customers in a regular bank account as if they were Swiss francs, euros or dollars. Other Swiss banks are rolling out similar services. It seems the crypto world and the established financial sector finally move a little closer together.
Crypto entrepreneurs unfortunately still have difficulties to open business bank accounts with Swiss banks. Perhaps the Zuger Cantonal Bank could make efforts to offer solutions for them as well. Let's hear directly from the CEO of the bank, Hanspeter Rhyner, what he thinks about Bitcoin & Co.
