Luzerner Kantonalbank to offer crypto assets

A collaboration is starting between Zurich-based digital asset bank Sygnum, Fireblocks, a New York technology service provider for the management and direct custody of digital assets, and Wyden, a provider of technologies for institutional digital asset trade based in Zurich. Together, they plan to enable Luzerner Kantonalbank (LUKB) to provide a fully integrated solution for the trading, custody, and transaction monitoring of crypto assets.

According to a press release from Sygnum, the system will be incorporated seamlessly into LUKB’s core banking system. It is expected to be available to the bank’s 300,000 clients by the end of 2023 at the earliest. Co-Founder and Group CEO of Sygnum, Mathias Imbach, commented: “The market entry of LUKB is further proof of the rapid institutional adoption of digital assets and will provide secure and compliant access to digital assets to a broader part of the Swiss population.”

The collaboration between the three partners in support of LUKB is a “best-in-class example of operational technology, trading execution, and compliance automation working together” according to Fireblocks’ CEO Michael Shaulov. Andy Flury, CEO of Wyden, believes that this partnership is a strong and very important signal to the Swiss financial industry, demonstrating Switzerland’s lead in the institutional adoption of digital assets. ce/mm