Sygnum, Fireblocks and Wyden have teamed up to offer Luzerner Kantonalbank (LUKB) a fully integrated solution for the trading, custody and transaction monitoring of crypto assets.
The fully licensed universal bank plans to offer crypto assets to its clients by end of 2023 at the earliest.
Sygnum, the world’s first digital asset bank, Fireblocks, an enterprise-grade digital asset operations and direct custody technology provider, and Wyden, the leader in institutional digital asset trading technology, have joined forces to enable Luzerner Kantonalbank AG (LUKB) to offer crypto assets to its 300’000 clients. The setup will be seamlessly integrated into LUKB’s core banking system and offers complete automation of the entire crypto asset lifecycle. LUKB is expected to introduce the offering as of the end of 2023 at the earliest.
Marcel Hurschler, CFO at LUKB, said: “Luzerner Kantonalbank AG continues to support its customers as a reliable partner and with innovative solutions. That’s why we have worked intensively on digital assets and built up inhouse expertise. We are currently developing a customer solution for the secure custody, transfer and trading of crypto and digital assets, and plan to launch our offering at the end of 2023 at the earliest. Sygnum, Wyden and Fireblocks are providing us with crucial technology for our development, and we are looking forward to working with them.”
A new partnership benchmark for institutional digital asset adoption
Mathias Imbach, Sygnum Co-Founder and Group CEO, says “The market entry of LUKB is further proof of the rapid institutional adoption of digital assets and will provide secure and compliant access to digital assets to a broader part of the Swiss population. Luzerner Kantonalbank’s strategic partnership with industry leaders Sygnum Bank, Fireblocks and Wyden clearly demonstrates the strength of institutional-grade technology providers joining forces in Switzerland and beyond. “
Fireblocks CEO, Michael Shaulov, said: “The collaboration with Wyden and Sygnum to support Luzerner Kantonalbank as it builds its innovative digital asset business is a best-in-class example of operational technology, trading execution, and compliance automation working together to offer financial institutions secure and compliant solutions.”
Wyden CEO Andy Flury added: “The partnership between Wyden, renowned Sygnum Bank and global direct custody leader Fireblocks is a strong and very important signal to the Swiss financial industry. It demonstrates Switzerland’s lead in the institutional adoption of digital assets as well as our continued progress in the DACH region, and is also further recognition of Wyden as a leading technology partner for banks.”