The Switzerland-based Capital Markets and Technology Association (CMTA) has published a common industry standard for the custody and management of digital assets. Announced on April 30, CMTA’s “Digital Assets Custody Standard” aims to clarify the differences between storing cryptocurrencies versus traditional assets, as well as to set baseline security and operational requirements for industry actors. Crypto storage requires a new approach CMTA is a non-profit, independent association established in Geneva in 2018 with the aim of promoting the adoption of distributed ledger technologies, such as blockchain, and digital assets in the financial markets. The CMTA’s General Secretary Fedor Poskriakov, a …

Arab Bank Switzerland has closed a Series A financing round for Swiss digital asset infrastructure firm Taurus Group. While undisclosed, the amount is reported to be an “8-digit” figure in Swiss francs — implying a $10 million+ investment. In September last year, Arab Bank Switzerland and Taurus had partnered to offer the bank’s clients Bitcoin (BTC) and Ether (ETH) custody and brokerage services. Today, the bank has revealed it will add XRP to this service next month. Investment will enable Taurus to expand to the wider European market Arab Bank Switzerland is a Swiss institution that forms part of the …

Switzerland’s “crypto valley”, a fintech friendly region near Zurich, is seeking a 100 million Swiss franc ($102.7 million) fund from the federal government. This fund is allocated to bail out the troubled fintech companies, according to a Bloomberg April 26 report. Cantonal Finance Director, Heinz Taennler, said that the fund would consist of private investments, contributions from local governments, and federal guarantees. Fintech startups are struggling Favorable legislation and innovation has made Switzerland an attractive place for blockchain startups. Currently however, the majority of these Bitcoin and blockchain firms are not expected to survive the pandemic, as private equity investors …

The president of the Swiss Crypto Valley Association, or CVA, said that the Coronavirus pandemic had a major impact on the local crypto ecosystem. A recent report claims that the representatives of nearly 80% of crypto valley’s firms said they will most likely go bankrupt over the next six months. Crypto Valley Association president Daniel Haudenschild explained to Cointelegraph what the survey means for the Crypto Valley Startup ecosystem, he said: “The information has been built from a smaller sample size however it certainly seems to mirror the sentiment that we feel in the market.” A dire situation The report …

Crypto Finance AG, the operator of several institution-oriented crypto businesses, has raised 14 million Swiss francs ($14.5 million) in a Series B funding round led by well-known investors from across Europe and Asia. The Zug-based business will use the funds to continue developing professional crypto asset infrastructure, management and trading services, founder and CEO Jan Brzezek said on April 16. As reported, one of Crypto Finance AG’s three subsidiaries is the crypto investment fund, Crypto Fund AG, which received Switzerland’s first crypto asset management license from the Swiss Financial Market Supervisory Authority back in 2018. Crypto Finance AG, a holding …

Digital identity consortium, Arianee, has authenticated a limited batch of luxury wallets using its blockchain protocol. On March 26, Swiss luxury watchmaker Breitling announced the release of a limited edition chronograph certified using the Arianee protocol. Each individual Top Time watch will be given a unique digital identity using distributed ledger technology. Breitling Issues First Blockchain-Based Digital Warranty For Mechanical Watch Breitling, which was founded in 1884, claims to be the first watchmaker to issue watches with a warranty program certified using blockchain technology. Each watch will be sold with its own e-warranty card. Scanning these cards will allow owners …

Pioneering Swiss crypto bank Sygnum unveiled a stablecoin pegged to the Swiss franc on March 20. Sygnum's ‘DCHF’ “settlement token” is backed 1:1 by funds held with the Swiss National Bank. According to local media outlet Swissinfo, DCHF is under consideration for support from the forthcoming SDX digital assets trading platform from SIX Group — of which Sygnum is a member. Swiss crypto bank announces CHF-pegged “settlement token” The crypto bank aims to target institutional clients with its stablecoin, emphasizing that the coin enables fast and frictionless settlements alongside novel financial applications. In addition to settlements, Sygnum’s Head of Tokenization …

While global stock markets are experiencing extreme turmoil, cryptocurrency projects keep introducing more ways to trade gold-backed assets twenty-four hours a day. PAX Gold (PAXG), a major cryptocurrency pegged to physical gold, has now rolled out for trading against two European fiat currencies — the Swiss franc (CHF) and the British pound (GBP). The new trading pairs became available when Switzerland-based digital asset exchange Smart Valor listed PAXG on its platform on March 19. As announced by Paxos, the New York-based company that launched the gold-backed token in late 2019, PAX Gold can now be traded on Smart Valor against …

In an exclusive interview with Cointelegraph, Crypto Valley Association President Daniel Haudenschild said that central bank digital currencies are “the next logical stage.” Haudenschild explained to Cointelegraph that he believes CBDCs are the next stage “in evolution for decentralized finance.” He also claimed that there are currently 34 CBDC projects. According to him, such digital currencies represent a new era of governments and traditional finance that recognize the potential of digital assets. Central banks innovate to avoid being left behind Fear of being left behind, Haudenschild admitted, is a major force driving countries to innovate, “Undoubtedly, the drive of digital …

Switzerland’s leading stock exchange, SIX Swiss Exchange, has announced a partnership with Omniex - a San Francisco based firm that develops trading platforms designed for institutional investors targeting the crypto asset markets. According to a Feb. 25 press release published by SIX, the partnership will provide the firm and its clients with a gateway to digital exchanges including crypto and market makers. The deal has also seen SIX become an Omniex shareholder after making an investment of an undisclosed sum. The partnership will extend to SIX’s forthcoming SIX Digital Exchange (SDX), in addition to future assets listed on the SDX …

Investors looking to short Bitcoin (BTC) have a new option in Germany. On Feb. 25, Boerse Stuttgart — the country’s second-largest stock exchange — announced the listing of an exchange-traded product (ETP) that is inversely correlated to the cryptocurrency’s price swings. Hedging against all scenarios The inverse ETP is issued by crypto fund manager 21Shares, formerly known as Amun. The product offers investors a positive return whenever Bitcoin’s price falls — minus a daily management fee. Already listed on Switzerland's principal stock exchange SIX Swiss Exchange, the 21Shares Short Bitcoin ETP (SBTC) will reach an even wider investor base via …

Blockchain usage is exploding around the world. But despite the technology’s many vocal advocates, the spread of technology is never even. Adoption is limited by a number of factors, including infrastructure development, local resources and regulation. As happens with the spread of any emerging technology, certain regions are pulling ahead of the pack. Radoslav Dragov, the blockchain lead for the International Data Corporation, explained that there are a number of factors that can create favorable conditions for adoption, varying from investment to talent, adding: “Beyond these factors, blockchain investment is very much influenced by current and upcoming regulation, and the …