The Swiss Dukascopy Bank and ZBX Digital Assets Exchange have announced a partnership to offer their users a single point of reference for classic banking and cryptocurrency transactions.
As a result of this partnership, it will be possible to buy cryptocurrencies with fiat currencies and open Swiss bank accounts in 23 different currencies.
Initially, the trading pairs available will be BTC/EUR and ETH/EUR.
In addition, ZBX will become the custodian for Dukascopy Bank customers’ cryptocurrencies, while the bank will provide fiat currency custody for customers of the exchange, meaning that fiat funds will always remain within the banking system, while crypto funds will stay within the exchange.
It is no coincidence that this type of close collaboration between traditional banks and crypto exchanges is starting to take its first steps in Switzerland, since the country has decided for a long time to want to become the “nation of cryptocurrencies”, adapting its regulatory system in order to allow it to operate in this sector in full compliance with all regulations.
This means that even the traditional Swiss banks have less of a problem than the rest of the world in becoming protagonists in this young sector, which is so distant from the traditional financial systems.
For example, Facebook’s stablecoin project, Libra, chose Geneva as its headquarters because of Switzerland’s clear and somewhat favourable regulations for those working with these innovative technologies.
When traditional banking platforms, with millions of users already registered and with KYC procedures fully completed, open their doors to cryptocurrencies, access to these digital assets will become simple and immediate for a number of people far greater than that of the current ones.
Switzerland is strongly aspiring to play a leading role in this transition.
ZBX CEO Dave Pulis commented on the news of the banking partnership by saying:
“The collaboration brings together the best of both worlds, the premium banking services of a top tier Swiss Bank and the trading of digital assets by ZBX, operating on the blockchain Island, Malta”.
Dukascopy Bank’s CEO, Andre Duka, added:
“We are pleased to welcome ZBX and its professional team as the new partner and the member of our novel financial ecosystem that pairs traditional banking with crypto-related services. In recent years, Dukascopy Bank has made substantial investments into developing a new model of cooperation with the crypto industry and now it starts to pay back with positive outcomes. Our clients and the clients of ZBX will certainly appreciate the opportunity to invest in global crypto markets while ensuring the safety of their fiat funds to a reputable Swiss Bank”.