Ethereum Pledge Services Now Available at Incore Bank

04/08/2023 08:41 • Daily Digest • 94 views

On April 8th, Incore Bank, a financial bank headquartered in Zurich, Switzerland, announced that it will provide customers with Ethereum pledge services. The bank stated that customers using its Ethereum pledge services must fully comply with the “Know Your Customer (KYC)” and anti money laundering (AML) compliance requirements.

Swiss Incore Bank Announces Offering Ethereum Pledge Services to Customers

Incore Bank, a financial bank headquartered in Zurich, Switzerland recently announced its decision to provide its customers with Ethereum pledge services. Ethereum pledge services are part of the bank’s efforts to cater to the growing demand for cryptocurrencies and digital assets.

What are Ethereum pledge services?

Ethereum pledge services refer to a process where individuals can pledge their Ethereum (ETH) assets in order to obtain loans or borrow money. This is done by locking up (or pledging) a certain amount of Ethereum in a smart contract. Once the smart contract is executed, borrowers can receive their funds while the Ethereum assets remain locked up until they are paid back.

Why Incore Bank decided to provide Ethereum pledge services?

Incore Bank’s decision to provide Ethereum pledge services is based on the high ROI (Return on Investment) potential of Ethereum assets. By pledging their Ethereum, individuals can access funds for various purposes (such as business expansion, home renovation, or emergency funding). Meanwhile, the Ethereum assets remain locked up and continue to appreciate in value. This is a lucrative opportunity for both the bank and its customers.

What are the KYC and AML compliance requirements?

As part of Incore Bank’s efforts to maintain transparency and security in its financial transactions, customers who wish to access Ethereum pledge services must fully comply with the “Know Your Customer (KYC)” and anti money laundering (AML) compliance requirements. This means verifying their identity and sources of funds to ensure that they are not engaging in any illegal activity.

Benefits of using Ethereum pledge services at Incore Bank

In addition to fulfilling the growing demand for cryptocurrency-based services, Incore Bank’s Ethereum pledge services offer the following benefits:
– Access to funds for various purposes
– Protection of Ethereum assets (which remain locked up while the funds are in use)
– Low-interest rates compared to traditional bank loans
– Compliance with KYC and AML regulations

Conclusion

Incore Bank’s decision to provide Ethereum pledge services is a timely response to the demand for cryptocurrency-based services worldwide. By locking up Ethereum assets in exchange for loans, individuals can benefit from the investment potential of Ethereum while accessing funds for various purposes. As with all financial transactions, KYC and AML compliance requirements must be met to ensure legal compliance and security.

FAQs

1. Is Incore Bank the only bank that provides Ethereum pledge services?
A: No, there are other financial institutions that provide similar services.
2. What happens if borrowers default on their loan?
A: If borrowers default on their loan, the Ethereum assets that were locked up in the smart contract are forfeited to the bank.
3. Can borrowers pledge other cryptocurrencies besides Ethereum?
A: No, at this time, Ethereum is the only cryptocurrency that is accepted as collateral for pledges at Incore Bank.

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