### The blockchain space is an expanding universe that began with bitcoin, and it appears Switzerland is already inside, regardless of its rhetoric.
 

Switzerland has long been known as a hub for cryptocurrencies. However, despite this reputation, Swiss banks have been hesitant to embrace the promises of Bitcoin.


While some financial institutions around the world have jumped on the hype train of cryptos, especially Bitcoin, only a few Swiss banks have followed suit. The negative sentiments of these financial institutions regarding the world’s oldest successful crypto were further fueled by the FTX meltdown last year, resulting in a $1 billion fraud. The inadequate regulation and enforcement of regulations in the crypto industry is another factor that’s keeping Swiss banks wary.



Credit Suisse, despite investing in the digital assets platform Taurus, is not keen on putting its money on the oldest catalyst of the crypto craze right now. Taurus is a Geneva-based firm that provides storage and management of cryptos, as well as issuing stablecoins, which are a kind of crypto backed by traditional assets.



According to Credit Suisse Switzerland CEO Andre Helfenstein, as with most banks, they remain conservative in terms of their investments. However, the move to invest in Taurus is seen as a significant step for the company toward having a strong presence in the future crypto landscape.



The Swiss bank is particularly eyeing to capitalize on the capability of the company to create blockchain-integrated shares and other securities. The tokenized versions of securities that are stored and transferred on Distributed Ledger Technology (DLT) are projected to pave the way for cost efficiency and transparency in making as well as trading stocks and bonds in the future.



Swiss banks have been slow to adopt the promises of Bitcoin and cryptocurrencies. Despite this, Credit Suisse's investment in Taurus shows that the bank is willing to be present in the crypto landscape, proving that a technology such as Bitcoin does not need to  be embraced directly for it to be transformative. Whatever else the Swiss banks might choose to say, they're already inside the bitcoin universe. 
 

A technology such as Bitcoin does not need not be directly embraced for it to be transformative, and the Swiss financial industry is an example of that principle. The whole blockchain space is, after all, an expanding universe that began with bitcoin. 

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Bitcoin's Future in Swiss Banking Industry Appears Uncertain But Inevitable At the Same Time