It seems as though Switzerland might be the frontrunner, amidst nations and jurisdictions, in the race to creating an ecosystem that allows its participants to use cryptocurrency as payments.
In February, Julius Baer partnered with Seba to offer its clients cryptocurrency storage, transactions and investment solutions.
Last week, a Swiss mortgage bank, Hypi Lenzburg, partnered with TokenSuisse to expand the bank’s offerings for crypto and blockchain-based firms.
Earlier this week, a Swiss publishing house by name of Netzmedien AG announced that it had plans to abandon fiat currency for cryptocurrency, where it could convert half of its assets into cryptocurrency and even pay its employees with the same.
The Dolder Grand, Switzerland’s five-star hotel, announced that guests would be able to settle their bills in either Bitcoin or Ether. The Zurich-based luxury hotel said in a tweet that it was the first facility of its kind to accept cryptocurrency payments.
We are very proud to have taken a step towards accepting crypto currency.
The Dolder Grand is the very first luxury hotel in Switzerland where guests can pay with Bitcoin.https://t.co/fqE7C0kAA8#bitcoin #Switzerland #Financial #economy #luxuryhotel #thedoldergrand #zurich #new pic.twitter.com/iG8co6KTA7
— The Dolder Grand (@DolderNews) March 29, 2019
Fintech firm, Inacta, is facilitating the crypto payments feature. They have developed an app through which guests will be able to pay for their hotel services from their wallets. A Swiss cryptocurrency exchange, Bity, will convert the cryptocurrencies into fiat currency. Inacta plans to extend the number of cryptocurrencies that customers can transact in.
Roger Darlin, Inacta’s blockchain advisory head, said that the app is targeting hodlers.
“It is aimed at customers who have built up legitimate cryptocurrency holdings and who don’t want to convert them into traditional currencies, such as Swiss francs. This also allows vendors, who may be cautious about handling cryptocurrencies directly, to accept payments from these clients.”
Less than a month ago, Digitec Galaxus, Switzerland’s largest retailer started accepting a slate of cryptocurrencies. Apart from Bitcoin and Ether, the retailer giant is also accepting OmiseGo, NEO, TRON, Litecoin, Binance Coin, XRP, Bitcoin SV and Bitcoin Cash.