Five blockchain trends from Switzerland to watch in 2024
The following content does not constitute the opinion of BeInCrypto and should not be considered as financial advice
With its crypto-friendly rules and a strong culture of innovation, it has established itself as a leading player in the blockchain and crypto industry in Switzerland and has led to the creation of several projects over the years.
Lugano's Plan B, where an entire city has integrated bitcoin into everyday life, is unique. The country is also home to Crypto Valley, often seen as Silicon Valley for blockchain technologies. In the year 2024 holds great promise for changes in this sector. This article explores some of the most exciting projects on the horizon.
1. Established Swiss banks enter the world of cryptocurrencies
Regional Swiss banks such as Zuger Kantonalbank, Lucerne Kantonalbank and St. Galler Kantonalbank, as well as national bank Post Financial, have been launching digital assets. Some have chosen Swiss crypto banks like Sygnum or SEBA as partners to enter the world of cryptocurrencies. They provide the necessary technology and platform, while traditional banks contribute their regulatory processes.
In doing so, they are responding to changes in the financial industry while ensuring the highest level of security for their customers. Thanks to proper regulation implemented by the Swiss government, those steps are now possible. While Züger Cantonalbank and St. Galler Cantonalbank have taken the necessary steps, Lucerne Cantonalbank and Post Finance will offer the opportunity to buy, trade and hold digital assets in the coming year.
2. CBDC Pilot Project for Digital Swiss Franc
The Swiss National Bank (SNB) has recently launched a pilot project for the introduction of the digital Swiss franc into the Central Bank Digital Currency (CBCC), which will be completed by June 2024. The project focuses on wholesale transactions between the SNB and six participating banks. Using distributed ledger technology (DLT).
The introduction of CDCC promises to further enhance the efficiency and transparency of the financial system and to address potential risks when the pilot phase ends. The high security and regulatory standards expected by the Swiss National Bank will also become the norm for digital currencies.
3. Making Bitcoin investment accessible
21 Shares plans to expand opportunities to invest in Bitcoin (BTC). The Swiss-based company has partnered with ARK Invest to create a Bitcoin ETF for the United States, responding to years of growing demand. Investors no longer needed to directly buy, hold and sell Bitcoin. Instead, you get shares in an ETF.
This move will greatly improve access to the broader US market and promote institutional acceptance of cryptocurrency. The US Securities and Exchange Commission (SEC) is expected to issue a regulatory ruling on ETFs in January 2024.
4. Leading Swiss companies in Bitcoin adoption
Globally renowned companies such as Relai, Pocket, Bitbox and Peach play a vital role in promoting Bitcoin adoption. They provide innovative, accessible and secure solutions for buying, storing and trading Bitcoin. Technologies are constantly evolving and will remain relevant in the years to come.
Peach is one of a series of fintech startups that have established themselves in the Swiss canton of Neuchâtel. Similar to famous cities like Zug and Zurich, this unusual place in western Switzerland has grown into an international crypto hub that attracts many young entrepreneurs.
5. Growing blockchain studies at Swiss universities
The University of Lucerne offers programs in blockchain and has established itself as an important educational partner in the Crypto Valley through the “Blockchain Zug – Joint Research Initiative” project. Canton is funding research with 40 million Swiss francs, aiming to make Zug a leading research center for blockchain.
In addition, the University of Zurich hosts the Blockchain Research Center, one of the best in blockchain research worldwide. The center collaborates with well-known Swiss crypto foundations such as Ethereum and Cardano Foundation. Through the excellent training of new professionals, Switzerland ensures a constant supply of skilled individuals to the industry.
The best of traditional and modern
Switzerland continues to be a pioneer in the industry, setting examples for developing innovative solutions while integrating cryptocurrencies and maintaining the traditional values the country is known for internationally, such as security and integrity.
In the year We look forward to seeing how these promising projects will evolve in 2024 and create new opportunities in the blockchain world.
Disclaimer
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to The Integrity Project's guidelines for impartial and transparent reporting, this content was created by a third party and is intended for promotional purposes. Readers are advised to independently verify information and consult with experts before making decisions based on this sponsored content.
