On many occasions, for members of the crypto community, it seems clear that cryptocurrencies and traditional banks are enemies. After all, the main reason behind the creation of Bitcoin, 11 years ago, was to challenge Fiat money by creating a decentralized alternative. However, new data would indicate that banks increase profits after adopting Bitcoin. Proving that there is ample ground for integration between the two markets.
The adoption of cryptocurrencies in the world
From the beginning, the issue of cryptocurrency adoption worldwide has been a complicated one. Especially due to the resistance of the world’s governments to accept the existence of crypto assets as a reality, and provide them with the status of financial assets within their legislation. Many times going to the extreme of prohibiting the use of Bitcoin and other virtual currencies within its territory.
Of course, over the years, countries have had to change their attitude towards the crypto world. Well, as the importance of Blockchain technology increases in all sectors, so does that of virtual currencies. This leads to traditional companies, including banks, starting to integrate cryptocurrencies within their business model.
And among the countries of the world, Switzerland It is one of the most advanced in this process of integration between traditional banks and cryptocurrencies such as Bitcoin. Counting on advanced legislation that allows them to circulate within its territory. Leading to the Swiss country becoming a true world center for the development of crypto assets.
Banks and Bitcoin in Switzerland
This has allowed major Swiss banks to take the step of adopting Bitcoin as part of their regular business portfolio. This being the case of one of the top five Swiss banks, Julius Baer Group, which recently incorporated a Bitcoin custody service as part of the products it offers to its customers.
And thanks to this, in the first half of 2020 alone, the Swiss bank has seen a 34% increase in its profits, which have grown by 524 million dollars. This occurred in part due to the Coronavirus crisis and the massive influx of money into the financial system, thanks to government stimulus plans to weather the crisis. But also influencing the increase in the price of Bitcoin lived during this period of time.
“Julius Baer has expanded its range of services and from now on includes digital assets offering solutions such as secure storage and transactions. The Bank can offer access to a select group of cryptocurrencies, chosen for their merchantability, security and technical reliability” The bank commented earlier this year.
In this way, you can clearly see the levels of integration between cryptocurrencies and traditional banks. Which not only aim to continue growing, but also provide great benefits to both users and institutions like Julius Baer. Reason why this is our Today’s Data here at CryptoTrend.
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