Today, the Swiss bank Relio announced that it has become crypto-friendly and open to Web3 companies.
In the announcement published on the official LinkedIn profile, they wrote that Relio is now officially crypto-friendly, because starting today it also offers web3 companies the possibility to open fiat payment accounts with Swiss IBANs.
The bank also claims to be able to provide a seamless, fully digital solution regulated by FINMA for all those operating with blockchain, cryptocurrencies, or the broader web3 ecosystem.
Relio is not a traditional bank, although it is based in Zurich, but a digital bank.
It was launched in December 2020 by Lav Odorovic, who had previously founded the German bank Penta, with the aim of promoting digitalization in the Swiss financial sector.
In particular, it offers the typical advantages of digital business accounts even to complex companies that require a completely customized approach.
The bank holds the fintech license from the Swiss Financial Market Supervisory Authority (FINMA), and customer funds are deposited with the Swiss National Bank.
Among its investors, Six Fintech Ventures is also present, which is the subsidiary of the SIX group that specifically deals with venture capital investments.
SIX is the group that controls the Zurich stock exchange. Other investors are TX Group, which is the largest Swiss publisher, and High-Tech Gründerfonds (HTGF), one of the largest technology venture capital funds in Germany.
Offering in particular digital accounts, it seems almost natural that this Swiss bank has decided to open up to the crypto, blockchain, and web3 sector.
Also because among the various services they promote there are also foreign currency exchanges and international transfers, which is an area where criptovalute can be particularly useful.
Among other things, among the tailor-made solutions offered for complex business cases, they claim to be able to offer some based on crypto technology and blockchain, in addition to those dedicated to international commercial activities and foreign owners and administrators.
The situation in Switzerland
Switzerland is probably the most crypto friendly European country to date, so much so that many crypto companies have established a physical presence there.
However, still only a few Swiss banks currently offer a business account to the customer segment of the Web3/crypto/blockchain sector, because they often lack the expertise for onboarding and monitoring.
This paradoxically is putting the Swiss Crypto Valley in difficulty, and it is for this reason that Relio has decided to tackle the problem, encountering great interest from the market.
Switzerland has actually been a leader in the Web3 sector thanks to its Crypto Valley in Zug, but despite this, blockchain startups in Switzerland often have to face real challenges in accessing banking services.
Traditional banks often refuse to accept crypto business clients, thus forcing these companies to rely on private banks or specialized crypto banks, whose onboarding process is often slow and whose services are quite expensive.
The offer of Relio
And so the digital bank has decided to open up to the world of crypto, blockchain, and web3.
Relio has been offering services to freelancers, SMEs, and start-ups for some time now, as well as to corporate clients with complex business models and who conduct many international transactions.
The problem is that, particularly in this last market segment, the regulations regarding compliance and anti-money laundering (AML) require significant efforts from both the banks and the clients themselves.
For example, customers experience long delays in opening accounts due to labor-intensive due diligence and monitoring procedures.
Relio tackles the problem thanks to USP, that is, its compliance technology stack that automates many activities.
In this way, it can shorten the times and reduce complications even for companies particularly exposed to these risks, such as those operating in the crypto field.
The CEO of Relio, Lav Odorovic, stated:
“WE ARE WITNESSING A SIGNIFICANT DEMAND COMING FROM THE WEB3 SECTOR IN OUR CLIENT PIPELINE. FOCUSING ON SOLID COMPLIANCE AND AML CAPABILITIES AS OUR COMPETITIVE ADVANTAGE, IT WAS LOGICAL TO EXTEND OUR OFFERING TO THIS CLIENT BASE. TO ACHIEVE THIS GOAL, WE HAVE HEAVILY INVESTED IN TECHNOLOGY TO SERVE THE WEB3 INDUSTRY IN A COMPLIANT MANNER WHILE REDUCING BUREAUCRACY.”
