Switzerland Financial News

The Swiss government slashed bonuses for top managers at Credit Suisse by tens of millions of dollars, after the lender’s implosion and $3.2bn fire sale to rival UBS.

Switzerland has long been a global economic hub and today the country has emerged as one of the most attractive locations for crypto enthusiasts. The land of Toblerone and Lindt chocolates has more to offer crypto companies than most other places.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

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Major Swiss bank PostFinance has partnered with digital asset services provider Sygnum Bank to offer cryptocurrency trading and storage services for its customers. 

PostFinance, a retail bank fully owned by the Swiss government, is preparing to offer cryptocurrency trading and storage services to its customers.

UBS will hold its annual general meeting on Wednesday morning against a fraught political backdrop, following its takeover of fallen rival Credit Suisse last month.

Disclaimer: The text below is a press release that is not part of  Cryptonews.com  editorial content.

Shareholders are gathering at Credit Suisse's annual general meeting Tuesday to demand answers and accountability over its controversial takeover by UBS.

Cryptocurrency markets have been trading within an unusually tight 5% range since March 17 as conflicting forces continue to pressure the sector. Consequently, in the past 7 days, the total market capitalization gained 3.8%, which was driven mainly by Bitcoin's (BTC) 3.6% price increase and Ether's (ETH) 5% gain.

Bitcoin infrastructure firm Blockstream has partnered with ZeroSync Association, a non-profit organization based in Switzerland, to broadcast Bitcoin zero-knowledge proofs via Blockstream’s satellite.

Swiss investment bank UBS is preparing to lay off as many as 36,000 people in the wake of its takeover of rival Credit Suisse — significantly more than first planned, according to a report on 2 April.

Switzerland’s prosecutors are probing the government-orchestrated takeover of Credit Suisse by rival UBS.

Europe learned its lessons after the financial crisis and is now in a strong position to weather further stress in its banking system, several economists and policymakers say.

Major crypto wallet maker Ledger announced its Series C funding round, raising $108.8 million.

blockchain technology. Even amid the turmoil set off by interest rate hikes and quantitative tightening, the global bond market, which is bigger in size than equities yet off the radar for retail investors, appears to have earmarked 2023 to leverage blockchain technology. A few days ago, Switzerland-based Obligate executed a corporate bond issued by a Swiss commodity trading firm on Polygon’s blockchain platform, thus marking the first bond issuance that involved no intermediary or traditional rails. The bond was issued and executed by the smart contract. Earlier in February, the Hong Kong government issued the world’s state-issued tokenized green bonds worth $102 million using blockchain technology as part of its push to restore its status as a global financial hub. In Germany, engineering giant Siemens issued its first digital bond, worth $64 million, on a public blockchain.

Citigroup has hired another senior Credit Suisse dealmaker as the exodus from the Swiss bank picks up pace in the wake of its emergency acquisition by rival UBS.

The European arm of FTX, FTX EU has launched a website to allow European customers to submit withdrawal requests.

Boerse Stuttgart Digital, the digital asset brand of the Boerse Stuttgart exchange group, announced March 30 that its blocknox service has received final licensing from the German Federal Financial Supervisory Authority (BaFin) to operate as a crypto custodian. Boerse Stuttgart Group now offers fully regulated brokerage, trading, and custody of digital assets, it said.

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Credit Suisse's board will no longer face a vote on whether it should be cleared of legal liability for last year following the bank's recent merger with Swiss rival UBS.