Bitcoin, Ethereum, XRP, Litecoin and BCH Move from Swiss Bank
A major move came today from Maerki Baumann, a private Swiss-based bank. The bank owned by a family in Switzerland is stepping deep into the crypto space by adding cryptocurrency storage and trading services .Following the regulatory approval of the Swiss Financial Market Advisory Authority (FINMA), Maerki Baumann will offer crypto trading and custody services to its customers starting June 2020.
The Launch Includes Five Cryptocurrencies
Making a statement regarding the news on May 29, the Zurich-based private bank emphasizes that the launch of new crypto features is in line with Maerki Baumann’s crypto strategy launched in early 2019.As part of this strategy, the bank, which offers commercial accounts for blockchain firms, also advises newcomers regarding venture crypto offers and securities token offers.In the first opening, Maerki Baumann customers will be able to trade in five major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC). The firm says traders can also offer trading of other ERC-20 based digital assets.
New Crypto Money Extraction Brings More Investment Opportunities
To trade cryptocurrencies, Maerki Baumann will conduct transactions with some of its partners.The bank will work through companies such as InCore Bank AG transaction bank and with professional crypto brokers and liquid crypto exchanges, especially in relation to their trading orders.
Maerki Baumann states that this collaboration will enable transactions to be carried out quickly and with a narrow trade spread.The new crypto money extraction aims to bridge the gap between traditional private banking and the crypto industry. Stephan Zwahlen, CEO of Maerki Baumann, emphasizes that the new feature will provide new investment opportunities for institutional investors.
Maerki Baumann is among the institutions that adopted the crypto and blockchain technology early in Switzerland.In August 2018, the bank was reportedly the second Swiss bank to accept crypto assets. Last year, the company’s CEO claimed that blockchain technology and crypto assets could outstrip traditional banking businesses.