Bitcoin exchange giant Bitstamp, founded in 2011, has recently unveiled via an announcement that it will be joining hands with Switzerland-based online banking platform, Dukascopy, the European nation’s newest entrant into the crypto ecosystem.
Bridging The Gap
The Luxembourg-based crypto exchange stated in the announcement that they will assist Dukascopy’s clientele in sending Bitcoin (BTC) to their accounts, having their digital currency holding exchanged to fiat (US Dollars), which can subsequently be used to trade on Switzerland’s foreign-exchange markets.
The firm also stated that customers will be able to withdraw fund back to their wallets in the form of cryptocurrency, stating that they will facilitate the needs of Dukascopy’s users to convert their fiat into to Bitcoin, and vice-versa too.
The move could be seen as another positive step forward for the adoption of cryptocurrencies. Bitstamp commented on the newly-formed partnership, saying that:
“This partnership represents another step towards our goal of bridging the gap between crypto and traditional finance.”
Blockchain Banking In The Alps
Switzerland appears to be ever-more welcoming to the idea of digital currencies and blockchain technology (& similar innovations) as a whole.
In a recent press release, Zurich-based Falcon bank announced that they’re looking to “strengthen” their position in the nascent world of blockchain-centric banking. The private bank has stated that both institutional and retail customers will now be able to directly transfer a selection of cryptocurrencies to and from segregated Falcon bank wallets.
Falcon’s client base will also be able to convert the selected digital currencies into fiat. This, in conjunction with the transfer options, enables blockchain assets to become “fully bankable” according to the firm.
Defying The Crypto Winter
As previously reported on Live Coin Watch, in spite of the value of Switzerland’s and Liechtenstein’s top fifty crypto-related firms collectively declining over 50% in the fourth quarter of 2018, the number of companies launching operations within the (dare I say it) almost-vanquished industry has shot up nearly 20%.
Switzerland seems to be setting solid foundations for a crypto-friendly future within in the country. The Swiss city of Zug, famed for its crypto and blockchain technology development hub “Crypto Valley,” was recently awarded a leading position in a survey conducted by the tech investment firm, Atomico. The study, entitled “The State of European Tech”, revealed that the number of attendees at cryptocurrency and blockchain-related meetups within the so-called “Crypto Valley” grew an astonishing 177% year-on-year.
I have confidence in believing Switzerland will become a world-leader in terms of cryptocurrency and blockchain adoption, with the country’s government appearing to be siding with the inceptive technologies. Earlier in 2018, Live Coin Watch reported that the Swiss government had shown concern with regards to the country’s banks excluding crypto-based startups from attaining investment.