Swiss government-backed bank Basler Kantonalbank to provide crypto trading and custody services

Basler Kantonalbank, a Switzerland-based bank backed by the country’s government, is set to offer crypto trading and custody services via its subsidiary Bank Cler.

Local media outlet Finews reported the news on Monday, citing Swiss and German language newspaper NZZ am Sonntag. Bank Cler spokeswoman Natalie Waltmann told the newspaper that the bank would start offering crypto services sometime next year.

Bank Cler would reportedly be the first government-backed, or cantonal bank, in Switzerland to venture into the crypto space. The space is currently served by crypto banks Seba and Sygnum, as well as traditional lenders like Falcon and Vontobel, among others. Banking giants such as UBS and Credit Suisse are yet to test crypto waters.

Bank Cler said the crypto move has been taken due to demand from younger clients. The bank has also hired Alain Kunz, former CEO of Tokensuisse, as its head of digital assets.