Swiss regulators approve InCore bank to carry out crypto transactions
- The Swiss Financial Market Supervisory Authority has authorized InCore bank to carry out digital assets transactions.
- The move marks an essential step in creating a blockchain-friendly environment across the EU banking sector.
- InCore executives noted that the bank plans to expand its blockchain strategy in the coming months.
InCore bank has become the first business-to-business bank to get authorized by the Swiss Financial Market Supervisory Authority (FINMA) to carry out digital assets transactions. The move marks an essential step in creating a blockchain-friendly environment across the EU banking sector. The bank allows institutional clients to trade, hold, and transfer digital assets. FINMA has also allowed the bank to develop its tokenization capabilities.
Speaking with Finews.ch, Mark Dambacher, CEO of InCore Bank, said:
Our customers benefit in one fell swoop from the expansion to the new asset class without having to invest in infrastructure and new processes themselves. And this while maintaining the usual security standards and how we build the bridge to traditional asset classes.
The bank has already joined forces with Inacta AG, a Swiss-based IT consulting firm, to provide information and crypto-assets management. InCore executives noted that the bank plans to expand its blockchain strategy in the coming months. It is also planning to include brokerage, transfer and custody services to security tokens.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
