Swiss Bank enables business accounts for crypto companies

Hypothekarbank Lenzburg is now the first bank in the country that officially offers business accounts to blockchain companies. Before, firms specialized on cryptocurrencies were facing difficulties to open bank accounts in Switzerland.

Crypto projects are now welcome to open an account at Swiss Bank

Crypto projects are now welcome to open an account at Swiss Bank

Marianne Wildi, CEO of the Hypothekarbank Lenzburg, comments on the matter:

“For us as for technologically-oriented bank that possesses cooperative strategies in Fintech area, to work together with companies from young crypto and blockchain branch is a matter of credibility”.

The bank accepting new customers very selectively. Up to the moment, there are only two companies that are bank’s customers. Prior to getting approval from the bank, a company shall undergo comprehensive due diligence audit, which will be carried out externally by the expert firm Geissbuehler, Weber & Partner. The costs of due diligence will be on the client.

Falcon Private Bank, based in Zürich, and Bank Frick in Liechtenstein are another banks in the list of few banks that work with crypto companies.

The Swiss town Zug is already known as “Crypto Valley”, as we wrote earlier in the small review. In turn, Lichtenstein in March has introduced blockchain legislative regulation that covers the underlying technologies and the business models, impacting to a friendly and regulated environment for blockchain businesses.