Bordier, an 177-year-old Genevan private bank, is docking onto Sygnum's digital asset platform. The move means access for wealthy clients to cryptocurrencies.
The partner-run private bank is expanding its offering to include cryptocurrencies, through Zurich-based Sygnum's platform for third-party banks, the two said in an emailed statement on Wednesday. This enables Bordier's wealthy clientele to buy, hold, and trade cryptocurrencies bitcoin, ether, and other digital assets.
The private bank, a modest player in size with 14.2 Swiss francs ($15.7 billion) in client assets as of end-February, is one of the first wealth managers to sign up for cryptocurrencies. «We have seen increasing demand from our clients to diversify into alternative asset classes such as digital assets,» Bordier said.
Specifically, Sygnum is providing digital asset expertise and a banking platform including safekeeping of private keys, access to liquidity providers, anti-money laundering checks on providers, and transaction monitoring. The management of clients remains with Bordier.
