Maerki Baumann, an unlisted family-owned bank in Switzerland, is expanding its cryptocurrency services by introducing crypto custody and trading.
Following regulatory approval from the Swiss Financial Market Advisory Authority, or FINMA, Maerki Baumann will be offering its clients the trading and custody of crypto starting from June 2020.
Five crypto assets will be available at the launch
Announcing the news on May 29, the Zurich-based private bank said that the launch of new crypto features comes in line with Maerki Baumann’s crypto strategy initiated in early 2019. As part of the strategy, Maerki Baumann has been offering business accounts for blockchain firms as well as providing advice for startups dealing with initial coin offerings and security token offerings.
At the initial launch, Maerki Baumann clients will be able to trade five major cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC). Traders will be also offered to trade other ERC-20-based digital assets, the firm said.
The new crypto push to bring more investment opportunities
In order to handle cryptocurrency trading, Maerki Baumann will be collaborating with some of its established partners. Specifically, 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. “This will ensure that transactions can be rapidly executed and with a narrow trading spread,” Maerki Baumann added.
The new crypto push is intended to build a bridge between traditional private banking and the crypto industry. Maerki Baumann CEO Stephan Zwahlen outlined that the new feature will enable 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, 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.”
Cointelegraph reached out to Maerki Baumann with additional queries and will update as soon as we hear back.
Maerki Baumann is among early adopters of the crypto and blockchain technology in Switzerland. In August 2018, the bank reportedly 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.
