Cryptocurrency investment in Switzerland will likely increase in the coming weeks, after Maerki Baumann, a Zurich-based private bank announced that it will now manage crypto assets for its clients.
The announcement was made in an article published on the Bank’s official website by Milko G. Hensel, Deputy Head of IT and Digitisation.
In the article titled, “Cryptocurrencies – What exactly are they?” the top official provided insight into what cryptos are and even went ahead to review the most popular coins like BTC and ETH.
In the explanatory post, the institution admitted that it has no present plans to invest in cryptocurrencies but are now “generally prepared to accept funds generated through cryptocurrencies.” These include assets generated through mining, speculation or the use of cryptocurrencies like BTC as a payment tool.
Look Before You Leap!
It is apparent that the private Bank which has high net-worth corporations and individuals as its clients are not too enthusiastic about the coming crypto asset management service.
Hensel, in the article, mentioned that the bank “would advise against any major investment in cryptocurrencies at present.”
On the one hand, the bank is indirectly promoting short-term investment into cryptocurrencies by citing that “cryptocurrencies are unsuitable for long-term investors due to the uncertainties” which can include high volatility and inconsistent trading volumes.
Even though Maerki Baumann does not have an official partnership deal with Bitcoin Suisse, it advised investors to contact the cryptocurrency consultancy firm, anytime they want to invest in the digital assets.
It is yet to be known which cryptocurrencies the company will include on its index for interested clients, but the popular ones are the prime suspects.
By opening its doors to crypto, Maerki Baumann has followed in the steps of Falcon Private Bank which became the first Swiss-based Bank to offer management of crypto assets to its clients in September 2017.
Baumann, the Zurich-based Bank offers investment advice to institutions and according to its 2017 financial report, manages 646.3 million CHF ($649,037,080) in client assets.