‘Mature’ Swiss crypto industry demands banking access

Representatives from Switzerland’s growing cryptocurrency and blockchain sector say it has matured into a viable and respectable industry that demands to be taken seriously by banks. “The hype, nonsense and scams have gone away,” says Daniel Haudenschild, President of the Crypto Valley Association (CVA), referring to a “wild west” phase over the last two years that saw several flimsy and phony companies set up and go bust, burning millions in public investments. “We are now seeing products, that have been building up for the last two to three years, reaching maturity,” he said on the fringes of the CVA conference in Zug. “We are seeing the big tech players coming out of the shadows to drop anchor.” The most prominent of these has been Facebook, which recently set up a foundation in Geneva to govern its cryptocurrency payments project Libra. “This has brought the word cryptocurrency to a billion lips,” he said. “Whatever reservations you may have about Facebook, the fact that ...

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