Luzerner Kantonalbank to launch crypto services powered by Sygnum, Fireblocks, and Wyden
“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.”
Luzerner Kantonalbank AG has partnered with leading digital asset solutions providers Sygnum, Fireblocks, and Wyden, to offer crypto assets to its 300,000 clients as of the end of 2023 at the earliest.
Also known as LUKB, the bank’s crypto setup will be integrated into its core banking system and offer complete automation of the entire crypto asset lifecycle.
LUKB’s partners for its fully integrated solution for the trading, custody, and transaction monitoring of crypto assets are:
- Sygnum, a digital asset bank regulated by the Swiss Financial Market Supervisory Authority (FINMA) that offers a number of digital asset solutions for institutions, including custody, brokerage, tokenization, asset management, lending, and B2B banking;
- Fireblocks, an enterprise-grade digital asset operations and direct custody technology provider that recently took steps to onboard banks onto its platform by expanding its MPC-CMP wallet and key management technology to include support for Hardware Security Models (HSMs) and public and private cloud, including Thales, Securosys, AWS, GCP, and Alibaba Cloud;
- Wyden, a leader in institutional digital asset trading technology capable of managing the entire digital asset trading lifecycle.
“A customer solution for the secure custody, transfer and trading of crypto and digital assets”
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.”
Mathias Imbach, Co-Founder and Group CEO at Sygnnum, commented: “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. “
Michael Shaulov, CEO of Fireblocks, added: “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.”
Andy Flury, CEO at Wyden, stated: “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.”
