Swiss Financial Institutions Bet on ETH2, BCH and USDC

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In Brief
  • Zug-based SEBA added BCH and USDC support to its portfolio

  • Bitcoin Suisse clients staked 1/7 of the amount needed for ETH2 to go live

  • The moves come after board changes and new partnerships

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The Trust Project is an international consortium of news organizations building standards of transparency.

Swiss financial entities focused on cryptocurrencies are engaging clients with new opportunities.

From expanding existing ecosystems to staking large amounts on upcoming projects, Switzerland’s crypto connections are only increasing.

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Swiss bank SEBA announced on Nov 19 that it now accepts Bitcoin Cash and stablecoin USDC. The FINMA-registered Swiss bank stated that customers may now use the coins for services. This includes trading, digital custody, earning interest (USDC), and fiat lending against BCH. SEBA is headquartered at Zug in Switzerland’s Crypto Valley.

To date, SEBA works with seven fiat currencies, including CHF, USD, GBP, EUR, HKD, SGD and PLN. It also gives access to six cryptocurrencies, namely BCH, BTC, ETH, LTC, USDC, and XLM.

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SEBA’s additions are the first changes to the lineup since the bank changed its Board of Directors in September. First and foremost, the bank replaced interim Chairman Sébastien Mérillat. The incoming chair, Päivi Rekonen, is formerly of UBS, Credit Suisse and Adecco. The addition of Hans Kuhn and Sanjeev Karkhanis to the board strengthened regulatory and financial risk management.

They’re Busy in the Crypto Valley 

Also, Zug-based Bitcoin Suisse announced on Nov 20 that the company’s clients had staked over 71,891 ETH in their ETH2 staking. The amount, as of the close of business on the 20th, equalled roughly one-seventh of the total amount of ETH needed for Ethereum 2 to go live on Dec 1. At the time that Bitcoin Suisse published the release, the ETH stake equalled over $33 million.

The focus on ETH2 comes after Bitcoin Suisse announced a partnership with Zug-based Evolute on Nov 18. The pair will focus on strengthening the availability of cryptocurrency assets and targeting content for the Evolute digital wealth management platform for external asset managers (EAMs).

The Evolute – Bitcoin Suisse partnership will help EAMS expand their wealth management services. With the partnership, EAMs will have acquisition and custody capabilities for digital assets while dealing directly through a known and regulated broker.

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