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Switzerland based bank, InCore has become the primary financial institution in the nation to extend banking services to users of cryptocurrency exchange Kraken.
The latest development signifies that the clients located in the European Union will be able to fund their accounts using SEPA deposits. Notably, SEPA is a payment integration project the European Union premeditated to streamline euro bank transfers.
The companies mentioned that the move comes at a time when organizations and traders are looking for proxy sources of capital value amidst an ambiguous macroeconomic environment.
A strategy consultant for virtual currencies at InCore Bank, Rudy Suter mentioned that the bank’s new strategy is grounded on 3 props: tokenization, cryptocurrencies, and blockchain applications.
The CEO of InCore, Mark Dambacher mentioned in a statement,
“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.”
As per a recent study by research firm Finery Tech, the exchange holds the deepest BTC to euro liquidity in Europe as of last month. Recently, Kraken stretched its services to Australia, empowering local clients to fund their accounts in Australian dollars.
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