Lucerne Cantonal Bank Pioneers Cryptocurrency Services in Switzerland

Lucerne Cantonal Bank (LUKB) has made history by becoming the first traditional Swiss bank to offer deposit and withdrawal services for cryptocurrencies. Starting October 1, customers will be able to deposit and withdraw Bitcoin (BTC) and Ethereum (ETH), significantly enhancing the bank's crypto offerings.

A Growing Crypto Portfolio

LUKB has been active in the cryptocurrency space since March, when it first allowed trading of Bitcoin and Ethereum. Following this initial step, the bank introduced a crypto investment plan that includes additional cryptocurrencies such as Chainlink (LINK) and Polygon (MATIC), alongside USD Coin (USDC). With the upcoming launch of deposit and withdrawal services, customers will have the ability to transfer BTC and ETH from other wallets directly to their brokerage accounts at LUKB.

Ambitious Goals for Crypto Leadership

Marcel Hurschler, CFO of LUKB, expressed the bank’s ambition to lead in the cryptocurrency sector. He emphasized the importance of this service expansion in positioning LUKB at the forefront of traditional banking’s integration with digital assets. The introduction of deposit and withdrawal capabilities is a crucial step in complementing the bank’s existing cryptocurrency trading and custody services.

Commitment to Security and Compliance

In its approach to cryptocurrency custody, LUKB adheres to recognized security standards. Deposited cryptocurrencies are managed within an ISAE 3000 certified infrastructure, ensuring that all processes are subject to rigorous audits by certified auditors. This commitment to security allows customers to have peace of mind knowing their digital assets are safely stored with the bank.

Transparent Fee Structure

LUKB has also made its fee structure transparent, which is detailed on the bank's website:

• Custody Fee: 0.60% per annum (excluding VAT) for holding cryptocurrencies. There is no minimum fee if only cryptocurrencies are held in an E-Depot.
• Transfer Fees:
  • Transfers to LUKB: Free for deposits of 20,000 CHF equivalent or more per cryptocurrency.
  • Transfers from LUKB: 80 CHF (excluding VAT) per cryptocurrency withdrawal, applicable if the withdrawal amount is at least 1,000 CHF equivalent or the total available amount.

Conclusion

As Lucerne Cantonal Bank continues to expand its cryptocurrency services, it sets a new standard for traditional banking in Switzerland. By integrating digital assets into its offerings and prioritizing security, LUKB is not only responding to customer demand but also paving the way for the future of banking in the digital age. With its commitment to innovation and leadership, LUKB is poised to play a pivotal role in the evolving landscape of cryptocurrency finance.

September 2024, Cryptoniteuae