What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events as well as appealing background reports in a concise and compact weekly review.
Selected articles of the week:
In August 2023, Lucerne Cantonal Bank (LUKB) announced its preparations for a comprehensive crypto offering, becoming the first state-owned bank in Switzerland to do so. A few months later, its counterparts in Zug and St. Gallen quickly surpassed it with the immediate launch of their products. Now, LUKB is also making its move. Its offering stands out with its own licensed custody solution, 24/7 trading, and processing across all offered currency pairs. Customers can access this service through the familiar e-banking interface.
Following the crypto product launches by cantonal banks Zug and St. Gallen last winter, Lucerne Kantonalbank is now also ready.
The Crypto Valley meets in Geneva
Switzerland hosts dozens of crypto events annually. Yet, only a few manage to unite all linguistic regions of the Crypto Valley. At the first Web3 Banking Symposium of the Crypto Valley Association (CVA), entrepreneurs, bank representatives, and political contributors from German-speaking Switzerland, Romandy, and Ticino gathered. The focus was on the synthesis between traditional and decentralized finance worlds. Impressions from the CVJ.CH editorial team.
This Wednesday, the Swiss crypto industry gathered at the first Web3 Banking Symposium of the Crypto Valley Association (CVA).
Blockchain representatives sound the alarm
The Basel Committee on Banking Supervision (BCBS) is an international regulatory body established in 1974 to enhance the stability of the global banking system by setting standards and guidelines. In 2022, the committee published a crypto regulation, which is to be fully implemented in Switzerland through a partial revision of the Capital Adequacy Ordinance. The Swiss Blockchain Federation is resisting with a position paper.
In a position paper, the Swiss Blockchain Federation warns against the planned implementation of the Basel crypto standard in Switzerland.
Morgan Stanley adds Bitcoin to portfolios
Since mid-January, the first spot-based Bitcoin ETFs have been trading in the USA, attracting significant interest with over $7.3 billion in inflows. These products have enabled many traditional money managers to gain access to Bitcoin for the first time. Morgan Stanley aims to use these ETFs to add Bitcoin exposure to existing investment funds. The financial institution has filed applications with the SEC for funds managing $12.13 billion in assets.
The investment banking giant Morgan Stanley wants to blend a Bitcoin exposure of up to 25% into twelve of its funds.
NFTs in the art world
The House of Electronic Arts (HEK) in Basel is a museum for contemporary digital art. Since 2022, this cultural center has been engaging with non-fungible tokens (NFTs) and the creation of a digital community (DAO). In an interview with CVJ.CH, Ugo Pecoraio, the museum’s Head of Communications, delves into the ideas and goals behind this initiative, exploring the challenges and successes encountered on this unconventional path.
Ugo Pecoraio, Head of Communications at the House of Electronic Arts (HEK), delves deeper into the ideas and goals behind the NFT initiative of the Basel Museum.
