(Bloomberg) -- Crypto Broker AG received a securities house license from Swiss financial regulator Finma that will allow the company to offer services to more institutional investors.
“With this license, Finma has made it easier for institutional clients to trade crypto assets,” a representative of the firm said. The broker can now also hold funds on behalf of clients, which is “highly relevant for institutional clients, as many do not have their own capability,” according to the spokesperson.
The broker's clients traded more than $1 billion in assets last year, with digital-asset operations growing “exponentially,” the broker said in a statement Monday.
Crypto firms have gained traction in Switzerland thanks to favorable regulation. However, the country's major banks, along with their global peers, have so far largely stayed away from offering blockchain-based services as high volatility and security concerns outweighed trading booms.
Read more: Swiss Canton Takes Taxes in Bitcoin as Crypto Gains Traction (1)
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