The value of bitcoin is skyrocketing but Swiss banks have no appetite for cryptocurrencies, citing the risks of bursting bubbles and criminal activity as a reason to stay clear. A new breed of start-up is filling the void, setting up an alternative financial ecosystem in Switzerland. However, they are likely to run into quite some resistance from the traditional financial players in Switzerland. The likes of SCX Exchange, Swissborg, Smart Valor, Melonport, Lykke and Crypto Finance appear to be timing their arrival to catch a wave that has propelled bitcoin through the $10,000 (CHF9,900) and $15,000 barriers in a matter of days. They will join the “old” guard, Bitcoin Suisse and Bity, which have been servicing the Swiss crypto market for the past four years. The new players promise to bring competition with new funds and exchanges, wealth and asset management services and a gateway to alternative investments for the person on the street. “The more alternatives you have, the ...
