Kaleido Private Bank is launching its cryptocurrency offering, expanding its existing investment ecosystem and consolidating its position as an innovative bank. Another sign of the increasing fusion of the old financial world with the emerging blockchain ecosystem.
After a comprehensive review, the Swiss Financial Market Supervisory Authority (FINMA) has granted Zurich-based Kaleido Privatbank approval for the custody, trading, deposit and delivery of cryptocurrencies. This initial product range forms the basic building block for upcoming service expansions in the area of digital assets.
A new asset class
While only a few banks in the market have launched an offering on cryptocurrencies, Kaleido recognized the development of the technology early on and set the appropriate course.
"For us, it was clear from the beginning that as a modern and innovative boutique bank, we had to build the bridge between traditional and digital assets for our customers." - Rolf Bauer, CEO of Kaleido
Kaleido offers its clients not only direct exposure to various blue chip cryptocurrencies, but also access to traditional investment vehicles such as funds investing in future trends such as Web3 technology, the metaverse, or NFTs through its network.
Bank deposits instead of self-custody?
While blockchain fundamentally enables self-custody of digital assets, Kaleido says it has seen the emergence of a need among many customers to keep private keys with their trusted bank.
"For our high net worth private clients as well as our intermediaries, the main arguments include security, simple and straightforward handling via the e-banking platform they are familiar with, and access to specialist expertise. This is the reason why they custody and trade digital assets with us." - Markus Abbassi, Head Digital Assets Kaleido
