In almost all news articles we mostly hear about innovations and blockchain adoption in the biggest countries in the world while some of the smaller ones are also doing great things that get them closer to a full decentralization and use of the whole blockchain potential.
Switzerland’s Hypothekarbank Lenzburg has become the first bank in the country that will be providing banking accounts to all of the businesses that deal with cryptocurrency and blockchain.
The CEO Marianne Wildi has stated:
“As a a bank that sets itself up technologically and pursues a cooperative strategy in the field of fintech, it is also a matter of credibility to work together with the young sector of crypto and blockchain companies in Switzerland.”
The bank had done a thorough checked all the possibilities of the risks and compliance issues involved when dealing with ICOs and had additionally informed the Swiss Financial Market Supervisory Authority before even they decided to work with crypto-related startups.
Wildi had also noted that the bank is very selective when it comes to accepting new customers, and that is confirmed with the acceptance of only two cryptocurrency related companies. All of the potential clients undergo a rigorous due diligence process that will ensure security and compliance for the future of the relationship between both sides.
The canton of Zug where the bank is based, has grown to be one of the global hubs for crypto businesses and has been named “Crypto Valley” by the some of the industries most prominent members.