Top Swiss Bank Launches BTC & ETH Trading

Top Swiss Bank Launches Bitcoin & Ether Trading With SEBA

In a groundbreaking move, a top Swiss bank BTC ETH trading, signaling a new era for digital asset integration into traditional banking. The Swiss Bank BTC ETH Trading launch has caught the attention of investors worldwide, marking a significant milestone in the evolution of cryptocurrency adoption by major financial institutions. This development not only enhances the bank’s service offerings but also positions it as a leader in the rapidly evolving crypto landscape. Understanding the potential impacts of the Swiss Bank BTC ETH Trading initiative is crucial for both investors and market analysts.

St. Galler Kantonalbank (SGKB), the fifth largest cantonal bank in Switzerland, has reportedly launched digital asset custody and brokerage services for its clients, in partnership with SEBA Bank. 

Falk Kohlmann, the head of market services at SGKB, stated: 

“We are pleased to offer a select client base access to digital assets and the digital economy. Thanks to our cooperation with SEBA Bank, we’ve implemented a straightforward initial setup, which allows us to learn and grow well aligned to our clients’ needs. We are confident that our clients’ digital assets are protected by the custody of a professional and certified provider with extensive experience in this field.” 

SGKB’s crypto partner, SEBA, is a global Swiss-regulated bank for managing, investing and storing cryptocurrencies, nonfungible tokens and other assets. After receiving a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has been actively onboarding crypto services to major private and retail banks, including LGT Bank Liechtenstein and Bank Julius Baer. 

The Swiss crypto ecosystem has rapidly evolved, with many local banks introducing cryptocurrency services. 

In September 2023, a licensed Swiss Bank, Dukascopy Bank, officially launched its crypto-enabled services, including marginal trading and online retail banking accounts. 

“We believe that cryptocurrencies continue to play a significant role in today’s world,” Dukascopy Bank’s chief brokerage officer said. “We are confident that offering crypto-related services through a regulated bank adds substantial value to the cryptocurrency industry as a whole,” the executive added.

Worldcoin Claims 4M App Downloads & 1M Active Users

According to a November 1 blog post from Worldcoin’s lead developer “Tools for Humanity” (TFH), the project’s crypto wallet “World App” has now been downloaded over 4 million times. This is a new milestone for the iris-scanning digital ID company. 

The report also states that World App has over 1M monthly active users, 500k weekly active users and over 100k daily active users. 

If verified, this could place World App at sixth place in CoinGecko’s list of most downloaded software wallets. 

Tiago Sada, the head of product at TFH, stated: 

“It’s inspiring to see so much excitement around the world in less than six months since launching World App. The team has been heads down working on meeting the current demand, and as the need for digital identity and digital finance continues to become more pressing, we know this is just the beginning.” 

WorldCoin allows users to prove their humanness by having their irises scanned. Once the user has their iris scanned, they receive a “World ID,” which can be used to veryify to applications that they are not a bot. 

Each user who goes through verification receives 25 WLD tokens, worth approximately $46.50 at the time of writing. 

THe project has become popular in developing markets like Argentina, as some participants have seen registering and then selling the coins as a quick way to make a few extra bucks. 

However, Worldcoin has also been criticized for allegedly being a danger to privacy. Critics claim that it is too centralized and can result in users’ data being leaked publicly. 

In order to cash out their WLD, users of Worldcoin need to download the World App to generate an account. In its November first post, the team stated that the app has been downloaded over 4 million times. 

This would place it above the Solana Phantom wallet but below Bitcoin.com’s Bitcoin wallet on Coingecko’s list of most popular wallets. 

Some of the users who register appear to be sticking around and continuing to use the app after it is downloaded. The app has reached 1 million monthly, 500,000 weekly and 100,000 daily active users. 

This is double the number of monthly active users it had just six months ago, the post stated. 

Despite these successes, the project continues to be criticized by privacy advocates. On Oct. 2, a parliamentary committee in Kenya ordered Worldcoin to stop operating in the country due to privacy concerns. The project complied with the order but also issued a statement claiming it had complied with all privacy laws in the country.

Attacker Drains $2.1 Million From Onyx In Latest DeFi Exploit

DeFi P2P lending platform Onyx Protocol has reportedly lost over $2.1M in crypto assets after suffering a security exploit yesterday. 

According to analysts at the security firm BlockSec, the attacker executed the exploit by targeting a specific vulnerability in Onyx’s codebase, known as “precision loss.” 

This vulnerability originates from an older forked version of Compound V2, which Onyx had incorporated into its underlying architecture. 

Matthew Jiang, director of security services at BlockSec explained, 

“The attacker took out a flash loan of a substantial amount of ETH, swapped it for PEPE, and donated it to a specific pool to manipulate the exchange rate. Subsequently, due to the so-called precision loss, the attacker was able to withdraw more of the underlying asset by burning fewer shares.” 

Jiang noted the attack was similar to the one carried out on Hundred Finance last year. 

This vulnerability originates from an older forked version of Compound V2, which Onyx incorporates into its underlying architecture. 

The attacker has so far sent 700 ETH ($1.25 million) to the crypto mixing service Tornado Cash, on-chain data shows.

The Swiss Bank BTC ETH Trading initiative represents a strategic shift towards embracing digital currencies, which are increasingly seen as a vital part of the global financial ecosystem. By launching BTC and ETH trading, the Swiss bank is setting a precedent for other traditional banks to follow suit. This move not only caters to the growing demand for cryptocurrency investment options but also reflects the bank’s commitment to innovation and staying ahead in the competitive financial sector.

With the Swiss Bank BTC ETH Trading services now live, clients can enjoy seamless access to two of the most popular cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH). The bank’s advanced trading platform offers enhanced security, compliance, and user experience, making it an attractive option for both seasoned investors and newcomers to the crypto market. By providing BTC and ETH trading, the Swiss bank is effectively bridging the gap between conventional banking and the burgeoning world of digital assets.

Furthermore, the Swiss Bank BTC ETH Trading launch is likely to influence the broader financial industry by encouraging other banks and financial institutions to explore cryptocurrency services. As more banks enter the crypto space, the overall market is expected to benefit from increased liquidity, improved infrastructure, and heightened investor confidence. This trend towards mainstream adoption of digital assets signifies a shift in how financial markets operate and highlights the growing importance of cryptocurrencies in wealth management strategies.

However, the introduction of Swiss Bank BTC ETH Trading also raises important questions about regulatory compliance and risk management. As banks integrate crypto services, they must navigate complex regulatory landscapes to ensure they meet legal requirements and protect their clients’ interests. The Swiss bank’s proactive approach to compliance sets a benchmark for other institutions, demonstrating that digital asset services can be offered safely and responsibly.

In conclusion, the Swiss Bank BTC ETH Trading launch marks a significant milestone in the integration of cryptocurrencies into traditional finance. This development underscores the potential for digital assets to become an integral part of the global financial system, offering new opportunities and challenges for investors and institutions alike. As the Swiss bank’s BTC and ETH trading services gain traction, staying informed about the latest updates and market trends will be essential for investors looking to capitalize on this exciting development. By understanding the full scope of the Swiss Bank BTC ETH Trading initiative, stakeholders can make informed decisions and navigate the evolving financial landscape with greater confidence.