Switzerland’s InCore Offers Banking Services to Kraken

Switzerland’s InCore has become the first financial institution in the country to offer banking services to cryptocurrency exchange Kraken.

Announced on Friday, this integration will allow the crypto traders on Kraken fund their trading accounts with four fiats - Canadian dollar, Swiss franc, euro, and British pound.

“Private and institutional clients who want to diversify their portfolio in an intelligent and innovative way with Kraken can transfer fiat assets via InCore Bank to the crypto exchange,” Mark Dambacher, CEO of InCore Bank, said.

“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. Therefore we are delighted to offer this service to Kraken clients.”

Changing the targeted client base

This came as the bank is strategically focusing its business towards cryptocurrencies, tokenization, and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term applications.

Initially, European clients can only deposit euros in their accounts using the Single Euro Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Area (SEPA), a payment integration project by the European banks for instant transfers. But companies have plans to add the other three fiat deposit methods as soon as Q3 2020.

Headquartered in the United States, Kraken is the largest cryptocurrency exchange in Europe according to euro-based volume, according to a research report by Finery Tech. Last month, the crypto exchange also extended its services to Australia, by adding the Australian dollar (AUD) to its platform.

“We are pleased to work with InCore Bank to further strengthen the links between the crypto industry and traditional financial institutions. They deeply understand the potential of digital assets, making them an ideal funding partner for our clients. We are constantly working to offer our clients additional options for funding their accounts,” Maximilian Marenbach, head of banking and payments of EMEA at Kraken, added.