A new study, conducted in collaboration between the University of St. Gallen and the companies Vision& and Mintminds, has revealed that Swiss banks are increasingly adopting blockchain technology.

According to the study, more than 80% of these banks plan to expand their use of this technology, with a particular focus on its applications in digital currencies.

The study, conducted between April and June 2024, included a sample of 19 Swiss banks of various sizes and specializations. It highlighted a strong interest in launching concrete projects related to digital currencies, with half of the participating banks considering the development of new digital offerings a top priority.

The findings show that Swiss banks are particularly focused on providing custody and trading services for digital currencies. Around 60% of the banks either already offer custody services or plan to introduce them soon, emphasizing the importance of secure storage for digital assets. Similarly, about 60% of the banks prioritize offering cryptocurrency trading services, allowing their clients to easily buy and sell digital assets.

In addition, Swiss banks have shown significant interest in exchange-traded products linked to digital currencies, such as exchange-traded certificates. Around 60% of the banks plan to offer these products, giving investors a more traditional way to participate in the digital currency market.

The study also revealed strong interest in digital assets, which are real-world assets transformed into a digital format that can be stored and traded on blockchain networks.

Nearly half of the banks surveyed plan to develop offerings related to tokenized assets, reflecting growing confidence in the potential of this technology. However, most banks are still in the early stages of this transformation, indicating that the Swiss banking sector is just beginning to explore digital asset applications.

Stakeholders in the sector remain optimistic about the future of digital assets, driven by their transformative benefits such as increased liquidity, transparency, and transaction efficiency. In fact, Boston Consulting Group (BCG) and the digital exchange ADDX predict that the digital asset market could reach a value of $16.1 trillion by 2030, driven by improved access to private markets, enhanced liquidity, and greater regulatory acceptance.

The post Swiss Banks Step Up Their Game in Blockchain and Digital Currency, Study Reveals appeared first on UNLOCK Blockchain.