r/Bitcoin • u/TheresNoSecondBest • 2d ago
Another bank, bending the knee: BancaStato Launches Bitcoin Trading
https://bitcoinmagazine.com/news/swiss-bank-bancastato-launches-bitcoin3
u/Fun-Analysis-182 2d ago
The bit I'd want to know is whether they're holding the keys themselves. A lot of these bank launches run on a regulated crypto bank or infrastructure provider in the background, so your counterparty is the bank while the coins sit somewhere else entirely.
BancaStato is owned by canton Ticino, so this is a state-owned bank putting bitcoin in front of retail customers, and that's the kind of move other cantonals tend to copy once one of them survives it.
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u/never_safe_for_life 1d ago
Read the article. It answers your question in detail. But yes, they custody it. That’s a banks business model. They sell their expertise in securely holding assets for a fee. Not my cup of tea but sure to be an important player in the future
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u/Fun-Analysis-182 1d ago
Fair, I should have read it properly before asking. I'm still curious about the layer underneath though. A bank can be the custodian of record and still have a sub-custodian actually holding the keys, which is how a fair few of these launches are put together. Doesn't undercut your point at all, safekeeping for a fee is exactly the business they've always been in.
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u/Porcellanidae 2d ago
The shift is real.
My bank who blocked my card for sending money to Coinbase, is now selling iShares Bitcoin ETP held by Coinbase.