Financial news outlet International Investment reported on August 6, 2018, that the Maerki Baumann private bank is said to be the second Swiss bank that will accept cryptocurrency assets.
The news stated that the private bank from Zurich has taken a decision to collect crypto assets from capital obtained for services provided, and those received from cryptocurrency mining. The company has taken this move to respond to the latest market requirements and the increasing popularity of cryptocurrencies.
Maerki Baumann bank stated that the organization will not offer straight cryptocurrency investments. However, they can offer “experts” for the clients that are showing an interest in crypto investing. As per the statement from Maerki Baumann, the bank strongly scrutinizes the growth of cryptocurrency as speculation option and its principal regulation.
Maerki Baumann bank stated, at present, the firm is looking cryptocurrencies as a different investment option. However, the firm also pointed out its limited experience and data (volatility, prices, and trading volumes) available with it.
Conversely, the bank did not state that it is currently advising not to invest in cryptocurrencies on a larger scale. In the bank’s view, the cryptocurrencies are not appropriate for long-period investment owing to the uncertainties outlined above.
Previously, Hypothekarbank Lenzburg achieved an honor to become the foremost Swiss bank to offer business accounts for blockchain and crypto-related fintech firms. In 2017, the Falcon Private Bank had gained an approval from the Swiss Financial Supervisory Authority to manage Bitcoin (BTC) as well as other cryptocurrencies that are based on blockchain technology.
On a similar note, Barclays, the UK-based bank, recently stated that the firm is not in process to open a crypto trading desk. The bank made this statement after two employees had removed LinkedIn evidence of both of them working on the bank’s digital asset-related project.