Kraken exchange has recently partnered with Switzerland-based bank, InCore to enable fiat on-ramps for the exchange’s European clients. According to the announcement, InCore Bank is now the first financial institution in Switzerland to offer banking services to Kraken clients.
This partnership will enable Kraken to offer its clients with another simple and secure method to fund their account in 4 major fiat currencies. The currencies include Swiss Franc (CHF), Euro (EUR), British Pound (GBP) and Canadian Dollar (CAD).
The move is initially supporting Euro (EUR) deposits through the Single Euro Payments Area (SEPA) system. SEPA is a payment system which was created by the European Union (EU) to simplify bank transfers. It is important to note that all first-time EUR deposits to InCore will result in a temporary 72-hour withdrawal hold on the account.
Later in Q3, InCore Bank and Kraken plan to add support for the 3 other currencies, GBP, CAD and CHF. Aside InCore, Kraken also has other European banking partners, which include Germany’s Fidor Bank and Liechtenstein’s Bank Frick.
InCore Bank CEO, Mark Dambacher said private and institutional clients who want to diversify their portfolio in an intelligent and innovative way with Kraken can transfer fiat assets via the bank to the crypto exchange. According to him, cryptocurrencies are valuable addition to modern asset management and will be indispensable as a payment and investment value in the future.
The InCore Bank appears to be developing keen interest in the crypto space. Last 2 months, it received authorization from the Swiss Financial Market Supervisory Authority (FINMA) to provide brokerage, custody and tokenization services of digital assets.
Maximilian Marenbach, Head of Banking and Payments, EMEA, Kraken, also said this partnership will further strengthen the link between the crypto industry and traditional financial institutions. He said the InCore Bank deeply understands the potential of digital assets, making them an ideal funding partner.
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