The cryptocurrency industry is being tested again. FTX/Alameda and collateral damage are leaving their mark and attracting the attention of regulators around the world. Pirro Morandi, Head of Customer Relationships and Sales at InCore Bank, shares his outlook on the digital asset industry.
affiliate The fall of the formerly second largest crypto exchange It destroyed the confidence of many market participants – especially from the institutional sector. As private investors withdraw their cryptocurrencies from centralized exchanges, banks are once again increasingly reluctant to enter the industry. But this setback should be short-lived, according to L.A Encore The head of customer relationship management and sales does not hide the long-term growth trend.
CVJ.CH: Mr. Morandi, despite the negative headlines, do you still believe in the future of digital assets?
Perro Morandi: Absolutely. About the renewed crypto winter, the associated price losses, the historic bear market and the mostly positive reception Ethereum merger You can read a lot – but volumes haven’t fallen as much globally. The Ice Age certainly didn’t break out at InCore Bank. We are convinced that the digital asset markets will recover. About 22 banks for digital asset banking have been approved or are in the process of being approved by FINMA. As a pure B2B bank, we are the ideal partner for innovative banks around the world and our order books are well stocked.
InCore Bank is a traditional transactional bank – at the same time offering digital asset banking services. no contradiction?
not at all. In addition to traditional B2B banking, we have also been able to place digital assets with great success in the marketplace. As an innovative B2B bank, InCore Bank is always promoting expansion into new business areas. And our success proves us right: more and more well-known financial institutions are choosing digital asset services in addition to traditional banking services. Through the services provided by InCore Bank, our clients can trade cryptocurrencies and benefit from a highly secure custodial solution based in Switzerland. The bank as a trusted partner is ideal for trading and storing digital assets.
What makes InCore Bank different from the Swiss competition?
The recipe for success includes an experienced team of more than 100 professionals, successful implementation and satisfied clients. But also an innovation force: in 2020 we were the first ever traditional Swiss bank to receive FINMA approval for digital asset banking and we caught the trend before others. Since then we have invested a lot in opening up the market and securing our systems. We have identified the right path and constantly developed our services.
What are you thinking specifically?
For example, offering our 24/7 online trading platform. or the CRYSP solution “Build Your Own Structured Products” where banks can offer investment products under their own name: a hybrid model with cost-effective capital purchases where traditional investors and cryptocurrency investors can be addressed at the same time.
Tougher regulations are being called for around the world. What is your position on this topic between innovation and security?
more Legal and investment security Promotes trust and acceptance in digital assets – so we welcome the efforts of the Swiss legislator. We do not see digital assets as a standalone service, but as an additional asset class. Our clients know that their clients’ deposits are protected with InCore Bank in the event of bankruptcy. They consciously choose us as a regulated Swiss bank because we offer them that security.
How complex is the integration of digital assets into the core banking system?
With us as a partner, dealing becomes as easy as it is with traditional assets and independent of the current core banking system. Of course we have a lot of experience with Finnova, but we can also apply what we learned there to other systems like Avaloq or Temenos. The existing setup can be used with very little integration effort. We have dealt extensively with digitalization in the lead for years and can look back on many successful applications with satisfied clients.
Any advice for banks still cautious about digital assets?
It’s time to set the stage! One must grapple with this topic now and position oneself to look forward in order to be ready for the next bull market. I recommend relying on the right B2B partner instead of doing everything on your own! (Laugh)
What is InCore Bank planning next?
In addition to good market access and attractive conditions for our customers, we also focus on new topics such as mask or coding. The latter has the potential to revolutionize the real economy — but there is still little demand as a product. For example, the World Economic Forum estimates that 10% of global GNP will be tokenized over this decade.
Pirro Morandi is responsible for global customer support, new business development and expansion of existing relationships at InCore Bank. Pirro has many years of professional experience in private banking, investments and financial markets.