Switzerland’s financial market supervisor awarded the first license to a cryptocurrency fund provider. Now the company faces the challenge to launch its product on the Swiss market.

Finma, the Swiss banking authority, has granted Crypto Fund a license to sell collective investment products, the Zug-based company said in a statement on Monday. It is the first financial-services firm in Switzerland to receive the right to sell crypto-funds.

The license is a big step in the right direction, said Jan Brzezek, CEO of Crypto Finance, the company which owns Crypto Fund. The company has yet to decide how to organize the distribution of its product, which it has launched on an offshore island first.

Cooperation With Bank

Crypto Fund hopes to establish a cooperation agreement with a Swiss bank, which would act as a custodian. The company has yet to decide, which bank will take on the role.

Brzezek earlier had said that he was in talks with two banks. He didn’t give any further clues about the negotiations when contacted by finews.com. The fund is a passive instrument, mirroring the prices of ten cryptocurrencies, including Bitcoin, Ethereum, Litecoin and Ripple.