The bank dubbed as Switzerland’s “most digital” bank has taken its love for blockchain and cryptocurrencies to another level. Shifting gears, it’s partnering with TokenSuisse to provide crypto-banking services to its clients. Hypothekarbank Lenzburg will be developing a blockchain based platform to manage its clients’ assets, as well as track mortgages and other products clients hold with the bank. On top of this, Hypothekarbank Lenzburg is also looking into creating crypto-linked pension funds for its customers who have a greater appetite for risk.
Helping Blockchain Companies Access Banking
When it comes to securing a bank account, companies in the blockchain and crypto world have been struggling. Numerous banks around the world have been closing accounts belonging to crypto exchanges, causing chaos and negative speculation. However, Hypothekarbank Lenzburg has been doing the opposite and opening more accounts for blockchain and crypto related companies. This helped it earn the moniker Switzerland’s “most digital” bank, and it’s now showing the banking industry what is possible simply by embracing this new technology.
Banks Still Hating on Blockchain
Bank of America’s CTO Cathy Bessant decided to slam blockchain technology in a rather bizarre twist of events. Bessant said that blockchain technology could very likely become worthless and insignificant in the very near future. Bessant made the statement and shock revelation after Bank of America was crowned as the company with most blockchain related patents. While Bessant’s claims might simply be her own feelings and not Bank of America’s opinions, Hypothekarbank Lenzburg is heading in the polar opposite direction and implementing this technology.
Taking a Leaf Out of HSBC’s Book
Bank of America might not be utilizing blockchain technology, but HSBC is fully embracing the new wave of developments. It has created its own blockchain-based payment system called Voltron. It’s teaming up with other banks around the world to deploy the system and make it commercially viable. It’s without a doubt that Hypothekarbank Lenzburg is following in HSBC’s trailblazing footsteps in creating its own blockchain systems.
Crypto linked products are not new to the financial world, and they are growing in popularity with investors. Giving people the ability to link their pension to the performance of the crypto markets will be incredibly popular amongst younger investors looking to go long on the future of cryptocurrencies. As Hypothekarbank Lenzburg rolls out its blockchain platforms and crypto products, we will see a new wave of innovation and financial products hit the market.