The Swiss Maerki Baumann Bank will soon offer cryptocurrency storage and trading services. The bank obtained the consent of the Swiss Financial Market Advisory Authority (FINMA), the financial market supervisory body in Switzerland.
Maerki Baumann will offer cryptocurrency services
After obtaining approval from the Swiss financial market regulator – FINMA, Maerki Baumann will offer cryptocurrency services to citizens. The bank emphasized that the introduction of new functions is consistent with the strategy launched last year, under which it offers business accounts for start-ups based on blockchain technology. The new functionalities will include cryptocurrency storage and trading, as well as consultancy services for start-ups working on their ICO and STO.
Bank customers will be able to trade five major cryptocurrencies
Initially, Swiss bank customers will be able to trade five major cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC). In addition, in the future users will have the opportunity to trade other digital assets based on ERC-20.
Maerki Baumann has established cooperation with several recognized organizations dealing in the trade of cryptocurrencies. Trade orders placed at Maerki Baumann will be implemented through high liquidity cryptocurrency exchanges and other banks, including InCore Bank AG. The bank said it would ensure fast transactions while maintaining a low spread.
Stephan Zwahlen, CEO of Maerki Baumann, emphasized that the new services will also enable institutional investors to make investments:
“By trading and storing digital assets, we not only enter a new area of business, but also create additional investment opportunities for our core business. This will benefit younger, technologically advanced customer segments as well as private and institutional clients who would like to look for new sources of return in the digital sphere or diversify their portfolios. “
Last year, FINMA granted licenses to two banks
Last year, FINMA granted licenses to two Swiss banks – SEBA and Sygnum. SEBA is now fully functional and supports five cryptocurrencies BTC, ETH, XLM, LTC and ETC. Sygnum obtained a license banking and started operating in September 2019.
In August 2018, Maerki Baumann became the second Swiss bank that began to accept cryptocurrencies. Last year, the company’s CEO suggested that assets related to blockchain technology could outperform traditional banking activities.