Maerki Baumann, an unlisted family bank in Switzerland, is expanding its cryptocurrency services through the introduction of crypto custody and trading.
After official approval by the Swiss Financial Market Adviser or FINMA, Maerki Baumann offers its customers the opportunity to exchange and keep cryptocurrencies from June 2020.
Five cryptocurrencies are available to start with
The Zurich-based private bank announced the news on May 29, saying that the introduction of new functions for cryptocurrency management was in line with the strategy that Maerki Baumann had started in early 2019. As part of the plan, Maerki Baumann was offering trading accounts for blockchain companies. In addition to advising startups that deal with initial coin offers and security token offers.
At the first launch, Maerki Baumann customers can exchange five major cryptocurrencies, including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC). Users are also offered to trade other ERC-20 based digital assets, the company said.
The new implementation offers more investment opportunities
Maerki Baumann will work with some of its established partners on cryptocurrency trading. In particular, trading orders placed with the bank are processed via professional brokers and cryptocurrency exchanges via companies such as the transaction bank InCore Bank AG, the bank said. “This will ensure transactions can be executed quickly and with a narrow commercial margin, “added Maerki Baumann.
The new boost is supposed to build a bridge between traditional private banking and the crypto industry. The CEO of Maerki Baumann, Stephan Zwahlen emphasized that the new function will make it possible new investment opportunities for institutional investors. He said:
“With the implementation of trading and custody of digital assets, we are not only exploring a new business area, but also creating additional investment opportunities for our core business. This benefits younger, technology-savvy customer segments as well as private and institutional customers who are looking for new sources of income in the digital sector or who want to further diversify their portfolios. “
Cointelegraph contacted Maerki Baumann with additional requests and will be updated as soon as we have news.
Maerki Baumann is one of the first to adopt Cryptocurrencies and blockchain technology in Switzerland. In August 2018, the bank was the second Swiss bank to accept crypto assets. Last year, the company’s CEO suggested that blockchain technology and crypto assets could outperform traditional banking.