Hypothekarbank Lenzburg – affectionately known simply as Hypi – has become the first Swiss bank to offer business accounts to cryptocurrency companies. Despite celebrating its 150th Anniversary in 2018, this move proves that Hypi is in touch with modern trends.
Hypothekarbank Lenzburg has become the first Swiss bank to look after local crypto startups by providing them with business accounts. While Zurich’s Falcon Private Bank started providing crypto-asset management service for clients last year, Hypi are the first Swiss bank to go all the way and open company accounts for blockchain and crypto-related FinTech (Financial Technology) companies.
As Hypi’s CEO Marianne Wildi (pictured below with her staff) said in a statement:
“As a bank that sets itself up technologically and pursues a cooperative strategy in the field of FinTech, it is also a matter of credibility to work together with the young sector of crypto and blockchain companies in Switzerland.”
Hypi’s Open Banking Policy
Hypothekarbank Lenzburg is the only Swiss financial institution whose policy is “Open Banking” and Hypi has opened up its interfaces in order to cooperate with Swiss FinTech startups. Through Hypi’s in-house core banking system, the bank can “meet a wide range of needs” for its crypto-clientele.
However, Marianne Wildi is far from naive to the unsavory side of cryptocurrency. Wilde is aware of the money laundering problem which sometimes occurs with crypto companies and Initial Coin Offerings (ICO).
Hypi went through a stringent “Risk Versus Reward” assessment before deciding to cooperate with fledgling Swiss crypto startups. Hypi also informed the Swiss Financial Market Supervisory Authority ( FINMA ) of their intentions to work within the crypto sector in advance.
Founded in 1868 and based in the small Swiss town of Lenzburg (population 10,000), Hypothekarbank Lenzburg has 13 branches, employs 216 people, and specializes primarily in mortgages, as well as private and retail/business banking.
Hypothekarbank Lenzburg AG is listed on the Swiss Stock Exchange, the SIX Swiss Exchange.