In line with its recently communicated strategy for digital assets, InCore Bank is now the first financial institution in Switzerland to offer banking services to Kraken clients.

Zurich/Schlieren, 3 July 2020 – Kraken is the largest crypto currency exchange in Europe in terms of euro volume. With this integration Kraken offers its customers another simple and secure way to manage their accounts in the four main currencies CAD, CHF, EUR and GBP.

From now on, customers domiciled in Europe will be able to make payments to their accounts in euros via SEPA deposits. InCore Bank and Kraken will also enable CHF, GBP and CAD deposits in the later third quarter. The support of these major currencies will ensure that traders and investors can start trading the more than 30 crypto assets listed with Kraken easily and conveniently.

Strengthening the links between the crypto industry and traditional financial institutions

“Private as well as institutional customers, who want to diversify their portfolio with Kraken in an intelligent and innovative way, can transfer Fiat assets to the crypto exchange via InCore Bank. As digital assets, crypto-currencies are a valuable addition to modern asset management and will be indispensable as a means of payment and investment in the future. We are therefore very pleased to be able to offer this service to Kraken customers”. – Mark Dambacher, CEO of InCore Bank.

The timing of this cooperation is ideal, given the growing interest of traders and institutions around the world who are looking for new sources of value creation in this uncertain macroeconomic environment. Since the sell-off in the financial markets earlier this year, Bitcoin has outperformed leading market indices in Europe, such as the continent-wide Stoxx 6000. In addition, there are several exciting developments in relation to other assets such as Ethereum that investors are looking to integrate into their portfolios

“We are pleased to work with InCore Bank to further strengthen the links between the crypto industry and traditional financial institutions. They have a deep understanding of the potential of digital assets, which makes them an ideal financing partner for our customers. We are constantly working to offer our clients additional options for financing their accounts”. – Maximilian Marenbach, Head of Banking and Payments, EMEA, Kraken

About octopuses

Kraken is the world’s largest global exchange for digital assets in terms of euro volume and liquidity. Kraken’s clients trade more than 30 digital assets and 7 different Fiat currencies, including EUR, USD, CAD, GBP, JPY, CHF and AUD. Kraken was founded in 2011 and was the first digital asset exchange whose market data was displayed on the Bloomberg terminal, the first to pass a cryptographically verifiable reserve verification check and one of the first exchanges to offer leveraged trading of Bitcoin margins. Kraken enjoys the trust of more than 4 million retailers, institutions and government agencies worldwide. Behind Kraken are investors such as Hummingbird Ventures, Blockchain Capital and Digital Currency Group, to name just a few. For more information about Kraken, please visit www.kraken.com.

About InCore Bank

InCore Bank is a business-to-business transaction bank founded in 2007, which offers banks, securities dealers and Fintech companies first-class transaction banking and outsourcing services from a single source. As a Swiss company with a banking and securities dealer license, InCore Bank offers a comprehensive and modular range of services, from transaction banking for traditional and digital assets to business process outsourcing and other services. This offering enables other market participants to reduce complexity and focus on their core business. www.incorebank.ch

*Originally published in German at CVJ.ch