Lucerne Cantonal Bank (LUKB) is the first traditional Swiss bank to launch the deposit and withdrawal of cryptocurrencies. In the coming weeks, LUKB will expand its crypto services to include a much sought-after service.
As of 1 October, Luzerner Kantonalbank AG will offer its customers deposit and withdrawal services for the cryptocurrencies Bitcoin (BTC) and Ethereum (ETH). The three cryptocurrencies have been tradable at LUKB since March. A few months later, the bank launched a crypto investment plan and now offers investments in Chainlink (LINK) and Polygon (MATIC) in addition to Bitcoin, Ethereum and USD Coin (USDC). According to a press release, customers will soon be able to transfer the two largest cryptocurrencies from other wallets to their brokerage accounts at LUKB.
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Expanding the crypto offering
LUKB will gradually roll out this service, further complementing its existing cryptocurrency trading and custody offerings. According to CFO Marcel Hurschler, the bank aims to become a leader in this field. LUKB is proud to be the first traditional bank to offer cryptocurrency deposit and withdrawal services.
When it comes to cryptocurrency custody, the bank relies on recognised security standards. Deposited cryptocurrencies are held in an ISAE 3000 certified infrastructure. This international auditing standard, issued by the International Federation of Accountants (IFAC), ensures that the process is audited by an auditor. Customers can therefore rest assured that their cryptocurrencies are safely stored with LUKB. The fee structure for this service is listed on the bank's website:
- Custody fee
- Price for holding in custody: 0.60% p.a. (excluding VAT)
- In an E-Depot: no minimum fee if only cryptocurrencies are held
- Transfer fee:
- Transfers to LUKB: free for a minimum of 20,000 CHF equivalent per cryptocurrency and deposit
- Transfers from LUKB: 80 CHF (excluding VAT) per cryptocurrency and withdrawal, with a minimum of 1,000 CHF equivalent or the available total amount per cryptocurrency and withdrawal
