Swiss private bank Maerki Baumann deepens crypto push by adding crypto custody and trading services
As AZCoin News reported, Switzerland’s financial regulator, FINMA, has approved two Zurich-based banks to offer a range of cryptocurrency services, including trading and crypto custody. The last time was InCore Bank. Meanwhile, this time it’s Maerki Baumann, an unlisted family-owned bank in Switzerland.
Maerki Baumann is among the early adopters of crypto and blockchain technology in Switzerland. In August 2018, the bank expanded became the second Swiss bank to accept crypto assets.
Maerki Baumann is expanding its services to crypto custody and trading
Under regulatory approval from the Swiss Financial Market Advisory Agency (FINMA), Maerki Baumann will provide its clients with cryptocurrency trading and depository starting June 2020. Private banks Zurich-based said that the launch of new cryptocurrency features in line with Maerki Baumann’s crypto strategy was launched in early 2019. As part of the strategy, Maerki Baumann provided an account. business for blockchain companies as well as providing startups advice regarding initial coin offerings and security token services.
At its first launch, Maerki Baumann customers will be able to trade five major cryptocurrencies including Bitcoin, Ether, XRP, Bitcoin Cash, and Litecoin. Merchants will also be offered to trade other ERC-20-based digital assets.
Special, the trading orders placed with the bank will be processed via companies like the transaction bank InCore Bank AG to professional crypto brokers and liquid crypto exchanges, the bank elaborated.
Maerki Baumann CEO Stephan Zwahlen added:
“This will ensure that transactions can be rapidly executed and with a narrow trading spread.”
The push for new cryptocurrencies aims to build a bridge between traditional private banking and the cryptocurrency industry. Zwahlen outlined that the new feature will create new investment opportunities for institutional investors.
He said:
“With the trading and custody of digital assets, not only are we tapping into a new business area, but we are also creating additional investment possibilities for our core business. This will benefit younger, tech-savvy client segments as well as private and institutional clients who would like to seek out new sources of return in the digital sphere or further diversify their portfolios.”
Maerki Baumann is one of the first to adopt cryptocurrency and blockchain technology in Switzerland. In August 2018, the bank became the second Swiss bank to accept crypto assets.
Last year, the company’s CEO suggested that blockchain tech and crypto assets might outstrip traditional banking business.
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