As of October 1, 2024, Lucerne Cantonal Bank (Lukb) will offer its clients the ability to deposit and withdraw cryptocurrencies Bitcoin and Ethereum, proudly announcing itself as the first traditional bank in Switzerland to provide this service, according to a press release issued on Tuesday. At least among the cantonal banks, LUKB is the first.

Maerki Baumann has been offering the option of depositing and withdrawing Bitcoin and Ether as well as around 20 other cryptocurrencies since 2020.

In June 2024, Lukb launched a crypto investment plan that also allows investments in Chainlink and Polygon, expanding upon its existing offerings, which include Bitcoin, Ethereum, and USD Coin.

Clients can now transfer Bitcoin and Ethereum from external wallets into their securities account with LUKB, the cantonal bank stated. This service will be gradually rolled out and complements the existing offerings in cryptocurrency trading and custody.

Audited Standard for Secure Custody

Lukb uses recognized security standards for the custody of cryptocurrencies. The bank stores deposited cryptocurrencies in an infrastructure certified under the ISAE 3000 standard by the International Federation of Accountants (IFAC). This certification provides assurance to clients that their digital assets are being securely held, according to Lukb.

Lukb first made waves as a cryptocurrency pioneer at the Finance 2.0 event in June, as reported by finews.ch.