Luzerner Kantonalbank (LUKB) is preparing a future offering for digital assets together with some of the leading crypto service providers. The initiative is intended to cover the entire lifecycle of digital assets and will be accessible over the course of the coming year.
Together, crypto service providers Sygnum, Fireblocks and Wyden aim to make it easier for Luzerner Kantonalbank AG (LUKB) to provide crypto assets to its extensive customer base of 300,000 people. This is according to a press release. The crypto solutions will be seamlessly integrated into LUKB's core banking system and provide comprehensive automation for the entire lifecycle of digital assets.
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Luzerner Kantonalbank pushes ahead with crypto adoption
According to the announcement, LUKB will introduce the crypto offering to its customers from the end of 2023 at the earliest. When asked by CVJ.CH, Luzerner Kantonalbank specified that it is aiming for a launch in early 2024. Switzerland's third-largest cantonal bank is not yet allowed to provide any information on the specific design of the services. However, the offer will primarily be aimed at natural persons domiciled in Switzerland. Sygnum, Wyden and Fireblocks are central to the development of these services, and LUKB is looking forward to working with them.
"Luzerner Kantonalbank AG wants to continue supporting its customers as a reliable partner and with innovative solutions. That is why we have been working intensively on digital assets and have built up internal expertise. We are currently developing a customer solution for the secure custody, transfer and trading of cryptocurrencies and digital assets and plan to launch our offering by the end of 2023 at the earliest." - Marcel Hurschler, CFO Luzerner Kantonalbank
With partners similar to PostFinance, another popular Swiss house bank will thus offer easy access to the crypto markets starting next year. Founded in 1850, Luzerner Kantonalbank AG maintains a network of 23 branches with around 1,300 employees and is one of the largest cantonal banks in Switzerland with total assets of CHF 56.98 billion. LUKB's core business areas include real estate and corporate finance, pensions, and asset advisory and management services.