Maerki Baumann, the private bank of Switzerland, has expanded its cryptocurrency services by introducing crypto custody and trading.
It has been reported that after 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.
However, on May 29, the private bank said that the launch of new crypto features comes in line with Maerki Baumann’s crypto strategy instigated 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)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
The firm said that traders will be also offered to trade other ERC-20-based digital assets.
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 through companies like the transaction bank InCore Bank AG to professional crypto brokers and liquid crypto exchanges, the bank elaborated.
Maerki Baumann added:
“This will ensure that transactions can be rapidly executed and with a narrow trading spread.”
It has been analyzed that the new crypto push is intended to build a bridge between traditional private banking and the crypto industry.
Stephan Zwahlen, the CEO of Maerki Baumann, highlighted that the new feature will enable new investment opportunities for institutional investors.
“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.”
Thus, Maerki Baumann is among early adopters of the crypto and blockchain technology in Switzerland.