Switzerland's InCore Bank has enabled fiat on-ramps for crypto exchange Kraken's European clients.
The move means Europe's retail and institutional clients who want to buy crypto via Kraken can do so by transferring their fiat via InCore Bank.
The bank is initially supporting euro (EUR) deposits via the Single Euro Payments Area (SEPA) system — a payment system created by the EU that simplifies euro bank transfers.
Looking ahead, InCore and Kraken plan to support three more currencies — British pound (GBP), Swiss franc (CHF), and Canadian dollar (CAD) — in Q3 of this year. Kraken's other European banking partners include Germany's Fidor Bank and Liechtenstein's Bank Frick.
InCore Bank CEO Mark Dambacher said cryptocurrencies are a "valuable addition" to modern investment portfolios and will be "indispensable as a payment and investment value" in the future.
InCore appears to be betting big on the crypto space. In May, the bank received authorization from the Swiss Financial Market Supervisory Authority FINMA to provide brokerage, custody, and tokenization services of digital assets. InCore has also set up a dedicated division called "digital services" to introduce these services via various partners.