Notably, the bank has received necessary approvals from the Swiss Financial Market Advisory Authority (FINMA). Precisely, starting today, Maerki Baumann will offer the aforesaid facilities to its customers.
The Zurich headquartered unlisted bank stated that the roll out of fresh cryptocurrency features comes in accordance with Maerki Baumann’s cryptocurrency plan set in motion in last year beginning.
As portion of the plan, Maerki Baumann has been providing business accounts for blockchain companies along with suggestion for startup firms handling initial coin and security token offerings.
Following the lauch, Maerki Baumann customers will be facilitated to trade in five major cryptos namely Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH) and XRP. Traders will also be provided with the facility to trade other digital assets which are based on ERC-20 standard.
Maerki Baumann, for managing cryptocurrency trading, intends to partner with well-established firms. In particular, buy and sell orders routed through the bank will be handled by enterprises such as the transaction bank, InCore Bank AG, and other seasoned cryptocurrency exchanges. Maerki Baumann opined that such a process “will ensure that transactions can be rapidly executed and with a narrow trading spread.”
The latest cryptocurrency initiatives are aimed at filling the gap between conventional private banking and cryptocurrency sector. Maerki Baumann CEO Stephan Zwahlen underlined that the latest feature will pave way for fresh investment opportunities for institutional investors. Zwahlen 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.”
In Switzerland, Maerki Baumann is one of the earlier users of crypto and blockchain technology. In August 2018, the bank turned out to be the second Swiss based financial organization to accept cryptocurrencies. In 2019, the company’s CEO pointed out that blockchain technology and cryptocurrencies could surpass conventional banking business.