It is time for the traditional banks to now take the plunge and come out with the services associated with Crypto. The shift coincides using the price of the Bitcoin that has been hitting this December in all highs. There are so many banks who are now having a close watch on digital assets for quite some time. However, they have even been skittish on coming out to the public on all of it. But now it seems they are now joining a general shift for the crypto in the other half of 2020 which also includes the payments giants such as PayPal and hedge funding mavens such as Paul Tudor Jones.

Switzerland and Singapore are technologically advanced where much of the huge moves are noticed. The industry is now looking forward to a growing list of lenders who can lean toward crypto. DBS Bank of Singapore also announced its crypto trading along with the custody platform which was ready to go live while making it the front runner. in the same week DBS has further made the announcement that the Swiss digital, exchange SDX was patterning with the SBHI holdings of the Japanese banks. This partnership will only be meant for building the digital asset exchange in Singapore even if it wasn’t ready till 2022.

There has been a crucial milestone in October which was a Russian energy conglomerate subsidiary called Gazprombank. It has gone live with the crypto custody in Switzerland. The use of institution-focused custody tech was made by the bank from the Swiss firm METACO that worked quite closely with the core banking solution vendor Avaloq. It has also been noticed that later it emerged with the BBVA Spanish bank that will soon be basing the operations of the crypto out of Switzerland and use the METACO’s custody tech.

Crypto Business World

CBW - External Analyst

INDIA