Switzerland’s One-Stop B2B InCore Bank Enables Fiat On-Ramps for Digital Asset Exchange Kraken

Switzerland-based InCore Bank, a “one-stop” B2B transaction bank (founded in 2007), has reportedly enabled fiat on-ramps for digital asset exchange Kraken’s European customers.

Europe’s retail and institutional clients can now purchase cryptocurrencies like Bitcoin (BTC) and Ether (ETH) through Kraken by using their fiat money via InCore Bank.

InCore Bank, which offers various outsourcing services to other banks, security dealers, asset managers and Fintech firms, said it will initially accept Euro deposits through the Single Euro Payments Area (SEPA) system, which has been created to simplify EUR bank transfers in the EU.

Kraken and InCore’s management confirmed that they’ll soon be supporting three other major fiat currencies, including the British pound (GBP), Canadian dollar (CAD), and the Swiss franc (CHF). Kraken’s other banking partners include Germany-based Fidor Bank and Liechtenstein-headquartered Bank Frick.

Mark Dambacher, CEO at InCore Bank, says that cryptocurrencies are a “valuable addition” to investment portfolios and could become “indispensable” as a payment method and form of investment.

In May 2020, the Swiss Financial Market Supervisory Authority (FINMA) authorized InCore Bank to offer brokerage, custody, and tokenization services for crypto-assets. InCore has established a separate unit, called “digital services,” in order to provide these cryptocurrency-focused services through various partners.

On June 30, 2020, Nicholas J. Percoco, the Chief Security Officer at Kraken, noted that the company is planning to hire Application Security Engineers. Kraken says they are fully-remote positions with the option to get paid in Bitcoin (BTC).

In April 2020, Kraken appointed veteran crypto lawyer Marco Santori as its Chief Legal Officer.

In March 2020, San Francisco-based Kraken announced that it would be hiring 67 additional staff members, depsite the COVID-19 outbreak and resulting challenges.

In January 2020, Kraken acquired Australian crypto trading platform Bit Trade.

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