Digital Assets: Private Banks In Germany And Switzerland Commence Crypto Services To Meet High Demand
Hamburg-based Donner & Reuschel and Swiss private bank NPB Neue Privat Bank AG now offer crypto services.
Established in 1798, Donner & Reuschel is a private bank based in Hamburg that holds around €9 billion ($10.7 billion) in assets under management. The bank has veered around to the view that a digital shift in the finance industry makes it imperative to “to intensively address” tokenization of assets.
It has therefore decided to offer cryptocurrency buying and custody to meet the high demand from its clients.
“We have been observing the digital assets market for some time now and are convinced of the potential of blockchain technology, also with regard to traditional securities transactions,” said Marcus Vitt, Spokesman of the Bank’s Management Board.
DLC Distributed Ledger Consulting GmbH will serve as a consultant to Donner & Reuschel for its new foray into digital assets. (Yahoo Finance)
Meanwhile, a private bank in Switzerland has also adopted the same strategy.
NPB Neue Privat Bank AG
NPB Neue Privat Bank AG, a private bank based in Zurich (pictured above), has partnered with InCore Bank AG to bring digital asset banking services to its clients.
NPB’s clients can trade the major cryptocurrencies with the added advantage of Swiss-based custody.
“Digital assets increasingly represent a supplement to traditional asset classes and we are seeing strong demand from both private and institutional clients,” said Markus Ruffner, co-founder and CEO of NPB.
Earlier this month, Bordier & Cie, a private Swiss bank founded back in 1844, started offering cryptocurrency services to clients. They can now buy, hold and trade cryptocurrencies including bitcoin, ethereum, bitcoin cash, and tezos.
The venerable bank has integrated with Sygnum’s B2B digital assets banking platform for these services.
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