Crypto Exchange Kraken Wants ‘To Be Closer’ To Switzerland

The major crypto exchange Kraken is in the latest cryptocurrencies news for its recent announcement where it says that Kraken wants to strengthen its ties to Switzerland, describing the country as a “kindred spirit” because of its positive approach to regulating and incubating growth within the cryptocurrency sector.

In order to build a foundation within this country, the crypto exchange Kraken recently started offering support of the Swiss Franc (CHF) while also joining the Crypto Valley Association – a leading Swiss-based blockchain advocacy group.

We can also see that the exchange is taking all sorts of actions like these in order to gain support to the growing cryptocurrency ecosystem within Switzerland and Europe as a whole, which have been suffering because of the COVID-19 pandemic.

The approach is published within a recent blog post, where the crypto exchange Kraken wants to work with Switzerland as they view the country as a “kindred spirit” because of its strong commitment to privacy and security – something that sits at the heart of the crypto industry.

Kraken also noted that the country’s commitments to these credos have allowed them to become a trusted financial hub globally, all while attracting a massive blockchain ecosystem. Currently, there are more than 800 blockchain-related companies that call Switzerland home, and many of them are located within Zug.

In response to the pandemic, the crypto exchange Kraken is looking to increase its ties to the Swiss cryptocurrency ecosystem to help facilitate and incubate growth both in the country and Europe as a whole:

“Despite this great progress, many of these crypto companies remain in their embryonic stages and are straining under the harsh financial pressures of [the pandemic]. According to a recent survey by the Swiss Blockchain Federation, nearly 80% of these companies risk bankruptcy in the next 6 months,” Kraken explained.

Even though a lot of companies that are based in both Switzerland and other parts of the globe have been struggling lately, it is important to note that the long-term outlook of the industry still looks bright.

An interview with Bloomberg with the CEO of the crypto exchange Kraken, Jesse Powell, saw him noting that Bitcoin’s status as a hard asset makes its future incredibly bright. In short, Powell said that the Bitcoin news soon could show BTC “surpassing gold as a store of value.”