Banks Gear Up to Offer Clients with Services Related to ICO Participation

Banks Gear Up to Offer Clients with Services Related to ICO Participation

Swissquote, an online bank, becomes the foremost in the industry to provide ICO participation and custody services to its clients; Russia’s state-owned Sberbank successfully concludes an ICO trial and services, catering to it will follow

On 22 October, Swissquote issued a press release where the bank revealed its new service enabling clients to partake in ICOs through its platform.

LakeDiamond

The first ICO chosen by the bank is LakeDiamond. Founded in 2015, the company produces laboratory grown diamonds for industrial purposes. Tokens from LakeDiamond (LKD) are issued using smart contracts on Ethereum. A total of 60.5 million Swiss francs (CHF) worth of tokens will be issued. 60 LKD equals to 33 CHF, which is the minimum required purchase.

The diamond manufacturer plans to raise 60 million CHF.

Pre-sale will run from today until 11 December 2018.

Russia’s ICO Trial Run

Sberbank of Russia, together with the nation’s National Settlement Depository completed an ICO trial successfully. This is according to the press release dated 19 October. The experiment involved LevelOne as token issuer, Sberbank as the conduit of payment transfer (from the bank back to the issuer), and the NSD provided the nodes.

The bank is waiting for the Duma to pass legislation on digital assets before it will offer ICO-related services.

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