Fintech firm Leonteq AG expands crypto services to Germany, Austria

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TL;DR Breakdown

  • Leonteq partners German bank to expand crypto services
  • Leonteq crypto service expansion would meet need of DACH region
  • Swiss banks already breaking grounds in crypto space

Leonteq AG, a Switzerland-based crypto fintech firm, has partnered with ICF BANK AG to expand crypto services to Germany and Austria.

The partnership would help the Swiss fintech firm introduce digital asset offerings to institutional investors and private clients in these countries.

For now, the initiatives can only expose investors to 18 cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Cardano, and more.

Fintech firm expansion to meet crypto demand of DACH region

The fintech firm noted that ICF BANK AG, with which it partnered, is based in Germany. Jörn Geidel – Head of Crypto Offering at Leonteq – noted that the Swiss organization now covers nearly 76 percent of the total market cap of asset class in Germany and Austria.

While speaking, Geidel said they are proud to offer clients a broad underlying universe and unique investment opportunities in various themes in the crypto space.

On the other hand, Sascha Rinno, a member of the ICF BANK’S Management Board, said investors in the DACH region (Austria, Germany, and Switzerland) are hungry for crypto services. He expressed optimism about the collaboration with the fintech firm, saying it will be beneficial to those willing to join the crypto market:

“Through this cooperation with Leonteq, we are meeting the interest of both institutional investors as well as private investors in crypto assets, he said.

Cryptocurrency and Swiss banks

In Switzerland, the banking system enables crypto operation as local banks show interest in offering crypto services.

In May, Swiss multinational investment bank UBS Group mulled, enabling wealthy clients to access digital asset investments later in 2021. They were, however, worried about the volatile nature of the cryptocurrency sector. They resolved to letting clients put only little portion of their wealth in crypto.

Similarly, Sygnum Bank, also based in Switzerland, said it would be the first bank to provide Ethereum 2.0 staking. The bank said staking services are already integrated in its platform.