Bordier & Cie SCmA, a 134-year-old Swiss bank, has decided to enter the crypto market space, which indicates another significant step in Bitcoin’s mainstream adoption. The private bank will incorporate Sygnum’s B2B banking platform to offer Bordier clients the facility to trade Bitcoin.
Other than the world’s largest digital asset, the bank’s customers can buy, hold and trade Ethereum, Bitcoin Cash and Tezos through Sygnum’s crypto services.
The decision to integrate crypto services happens to be driven by increasing client demand. According to the bank, crypto’s increasing market cap has made digital currency the best-performing asset class and a “powerful tool” for portfolio diversification.
They added that Bitcoin, in particular, saw “strong institutional adoption as an alternative investment,” due to its growing popularity as an alternative to gold, and its potential to hedge against inflation.
Bordier & Cie’s SCmA Managing Partner, Evrard Bordier, who said that Bitcoin is a “high growth asset class” further expanded on the partnership with Sygnum Bank. According to him, Sygnum would allow them to offer “execution-only clients” an “integrated solution,” to diversify their investments.
In August 2020, Sygnum enabled an e-commerce transaction that involved using a stable coin on one of the platforms of one of the biggest retailers in Switzerland. In the recent years, Switzerland has been largely crypto-friendly. Authorities in the region earlier said it would begin to accept Bitcoin and Ether for tax payments from February this year. Certain government and private banks like Maerki Baumann & Co., InCore Bank, Basler Kantonalbank, among others have also ventured into crypto markets.