The crypto world receives a massive boost as Switzerland bank, Maerki Baumann, from June, begins providing cryptocurrency services. The move came after the bank was approved to offer such services by the Swiss Financial Market Supervisory Authority (FINMA).
Incore bank, another Switzerland bank, also got the approval to begin similar services. Maerki Baumann will launch with trading and custody services to clients. For a start, clients can trade BTC, ETH, XRP, BCH, and LTC as other coins would be brought to the table onwards.
The Switzerland bank said starting crypto services has been part of the bank’s cryptocurrency strategy, which began last year. The bank previously helped crypto startups with business accounts.
The bank has also been consulting with startups looking to launch their initial coin offering (ICO) and security token offerings.
Swiss bank crypto services to bring about more investment opportunities.
With the Switzerland bank now providing cryptocurrency services, traditional banking alongside the crypto world is expected to operate hand in hand. According to Stephan Zwahlen, Maerki Baumann CEO, the new service would bring new investment opportunities for investors.
He said that the crypto service would help them tap into a new business era as they are creating more investment opportunities for their primary business. Zwahlen also noted that it would benefit younger, tech-savvy client segments as well as private and institutional clients who are interested in seeking new sources of investment in the digital world and diversify their portfolios.
How Maerki Baumann would handle crypto services
Reportedly, Maerki Baumann would carry out crypto trading through partnering with other firms. Clients trading orders are going to be worked on by firms like InCore Bank AG, professional crypto brokers, and liquid exchanges. It would help transactions be completed swiftly alongside narrowing trading spread Zwahlen said.
Maerki Baumann believes that at one point, blockchain tech and crypto assets would oust traditional banking.