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

Updated: Mar 18, 2021

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 EU 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).

© Sebastian Sinclair, coindesk.com

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