Basler Kantonalbank, which is a state-backed bank, becomes the first state lender to dive into cryptocurrency. Bank Spokesperson said that the bank would launch an offering for trading and custody of digital assets.

The news was also confirmed for Cointelegraph, noting that the bank plans to launch these products in response to an increased demand for crypto services in the country.

In the BKB Group, we are working to offer our clients a solution for the trading and deposit of selected cryptocurrencies. As an established regional (Basler Kantonalbank) and indeed national (Bank Cler) banking group, we wish to give our clients secure access to these new financial products.”, the spokesperson stressed.

It was not specified what cryptocurrencies would be available through BKB. Furthermore, the bank is hiring crypto expert Alain Kunz as its head of digital assets. The bank said the crypto push is a response as the demand to invest among its younger clientele is growing.

Cryptocurrency’s legal status is growing every day. Russia also recently regulated cryptocurrencies into law, giving them legal status.

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