Swiss Bank InCore Enables Euro On-Ramp for Crypto Exchange Kraken

The move comes at a time when traders are seeking alternative sources of capital value during an "uncertain macroeconomic climate."

Jul 3, 2020 at 6:00 a.m. UTC
Updated Sep 14, 2021 at 8:59 a.m. UTC

Switzerland's InCore Bank AG has become the first financial institution in the country to offer banking services to Kraken clients.

  • Announced Thursday, the move means clients located in the European Union will be able to fund their accounts using Single Euro Payments Area (SEPA) deposits – the payment integration project the EU designed to simplify euro bank transfers.
  • The companies said the move comes at a time when institutions and traders are seeking alternative sources of capital value during an "uncertain macroeconomic climate."
  • Rudy Suter, a strategy consultant for digital assets at InCore Bank, said the bank's new strategy is based on three pillars: cryptocurrencies, tokenization and blockchain applications.
  • "As digital assets, cryptocurrencies are a valuable addition to modern asset management and will be indispensable as a payment and investment value in the future," said Mark Dambacher, InCore's CEO, in a statement.
  • The companies plan to enable deposits in British pounds (GBP), Swiss francs (CHF) and Canadian dollars (CAD) in Q3 2020.
  • According to a recent study by research firm Finery Tech, Kraken possesses the deepest bitcoin to euro liquidity in Europe as of June 2020.
  • InCore Bank AG is the 209th-largest bank in Switzerland in terms of total assets under management.
  • Kraken is rated the 10th-largest crypto exchange in the world by trade volume, according to data analytics website Nomics.
  • Last month Kraken extended its services to Australia, enabling local clients to fund their accounts in Australian dollars (AUD).
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