Switzerland-based Basler Kantonalbank, backed by the local government, will offer customers the opportunity to invest in Bitcoin next year, Finews reported.

The offering for the trading and custody of digital assets will be launched by a bank’s subsidiary – Cler Bank.

The publication noted that Basler Kantonalbank will be the first cantonal bank in Switzerland to enter the cryptocurrency industry. Now the digital currency industry in the country is dominated by the crypto banks Seba and Sygnum, and also traditional players in the financial sector, including Falcon and Maerki Baumann.

The bank noted that the move towards cryptocurrencies was a response to demand from a young clientele interested in investing in digital assets.

Cler has already hired cryptocurrency expert Alain Kurtz to lead the company’s digital assets division.

Recall that one of the largest Swiss banks Julius Baer increased its profit in the first half of the year amid the launch of a cryptocurrency trading and storage service.