Switzerland Bank is First Country to Offer Business Accounts to Crypto Companies

Switzerland Bank is First Country to Offer Business Accounts to Crypto Companies

Hypothekarbank Lenzburg  is the very first Switzerland bank to provide business bank accounts to both cryptocurrency and blockchain as reported June 7.

A representative from Hypothekarbank Lenzburg, CEO Marianne Wildi stated “our banks is setup to pursue a strategy of cooperation in the field fields of blockchain and cryptocurrency as it’s a matter of credibility to work together with such young, flourishing companies”

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Wildi is also very aware of the money laundering problems that are inherent to the cryptocurrency and ICO marketplaces. She stated that their bank examines the risk and monitors compliance issues very carefully. The Swiss Financial Market Supervisory Authority is informed before cooperating with any cryptocurrency or ICO startups.

The Hypothekarbank Lenzburg bank is very selective when accepting new customers. They have only accepted 2 companies so far within the crypto industry as they prefer a rigorous due diligence process before taking on new clients.

As one of the cantons of Switzerland, Zug has become a global hub for the cryptocurrency and blockchain industry. They’ve recently taken on the moniker of being the world’s “Crypto Valley”. Despite the multitude of startup ICO’s and crypto businesses, banking policies towards crypto companies have been very restrictive in the past.

Hypothekarbank Lenzburg hopes to be one of many future banks within Switzerland that will open its doors to crypto businesses worldwide.

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