Cryptocurrencies are starting to receive a warm welcome among Swiss banking institutions. According to a survey, more than half of banks in Switzerland are considering offering cryptocurrency investment services to their clients in the next three years.
Most Swiss banks plan to offer cryptocurrency investment products to clients
A survey conducted by the Swiss firm Ernst & Young (EY) Limited among 90 executives from different Swiss banks brings very optimistic news for cryptocurrencies in Switzerland. The EY Banking Barometer 2022 survey found that 55% of Swiss banks plan to launch cryptocurrency investment offerings for their clients. EY notes that the survey result departs from the usual attitude of Swiss banks towards cryptocurrencies in the past.
While Swiss banks have so far been reluctant to offer cryptocurrency investment opportunities, more than half of the banks surveyed now plan to launch an offering to invest in crypto assets in the next three years (55%), the report notes.
He adds that private banks were showing the greatest interest in offering cryptocurrencies. Among the surveyed private banks, 68% of them plan to offer cryptocurrency investment services.
Even more impressive is that banks’ sentiment on cryptocurrencies has become more positive. That’s because 55% of them recognized that cryptocurrencies were not a fad and they are here to stay. Banks also don’t see their cryptocurrency integration affecting their goal of being more sustainable.
Even sustainability goals do not appear to prevent banks from developing a corresponding cryptocurrency offering, EY added.
Much of this change of mind among banks was engineered by their customers. According to the report, most banks want to spend 2022 focusing on meeting the financial and investment needs of their customers. And since clients request cryptocurrency investment services, they are willing to offer the service.
The Swiss banking industry can be very beneficial for cryptocurrencies
Switzerland is known as one of the world’s leading banking and financial centers. Swiss banks have an excellent reputation for the quality of their services around the world and contribute around 9.7% to the gross value added of the Swiss economy.
Last year, Switzerland’s financial regulator also approved its first Crypto fund. The country has also seen a crop of FinTech banks already offering cryptocurrency investment services. Two of these cryptocurrency banks, SEBA and Sygnum, have recently raised more than $ 200 million in funding. SEBA CEO who raised $ 120 million Guido Buehler is bullish on Bitcoin. Buehler recently told CNBC that his bank anticipates that Bitcoin will hit a price of $ 75,000 this year.
Market watchers are noticing that the new crop of cryptocurrency banking is putting the traditional banks that were part of EY’s research under considerable pressure. According to Dinners editor Rico Kutcher, traditional banks have a lot of work ahead of them if they want to integrate cryptocurrencies.