Digital Currency Revolutions Series: Swiss Banks Fetch Approval Of FINMA To Launch Crypto-Trading & Custodian Functions

Switzerland’s two banks are launching a range of cryptocurrency services, including trading and custody.Maerki Baumann and Incore Bank are the duos to offer a number of cryptocurrency services, Maerki Baumann has, so far, been providing business accounts for blockchain companies, administering security token offerings (STOs) and initial coin offerings (ICOs) since April 2019. 

Swiss financial regulator, ‘FINMA’, has recently approved two Zurich-based banks to offer a range of cryptocurrency services, including trading and custody. 

Subsequently, Maerki Baumann has announced the launch of the next phase of its crypto strategy: from June 2020 onwards, the family-owned company would be rendering its clients the trading and custody of cryptocurrencies and other digital assets. This represents a milestone in the bank’s expansion of its private banking offering.

In initial stage, Maerki Baumann has plans to offer trading mechanism for the major cryptocurrencies, such as, Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and Ripple (XRP). Clients would be equipped with trading facility for other digital assets based on ERC-20 token standard. 

The bank will gradually be further expanding its product-line that would be tradable cryptocurrencies and tokens. The orders would be transferred via partner companies, most notably the transaction bank InCore Bank AG, to professional crypto brokers and to the world’s leading and most liquid crypto exchanges.

“We believe that, thanks to our stability and reputation as a reliable banking house, we will enjoy a competitive advantage by offering the trading and custody of cryptocurrencies and other digital assets”,states Stephan Zwahlen Chief Executive Officer.

As a regulatory complied bank under Swiss laws, Maerki Baumann seems to satisfy required statutory guidelines. 

They are undoubtedly positioned in the sphere of digital assets that’s going to be a renewed & robust element of a professional investment advisory and asset management service in the days to come. Hence, the private bank appears to be keen on the expansion of its existing private banking system, and establishing the selective crypto investment services.