According to Verdict’s report today, Swiss private bank Maerki Baumann is the latest financial institution to join the crypto space, after the bank announced that it would be offering cryptocurrency trading and custody service to its clients.
Maerki Baumann, who recently acquired a license from the Swiss Financial Market Advisory Authority (FINMA), noted that the move would help bridge the gap between the traditional financial system and the crypto industry.
Commenting on the development, Maerki Baumann CEO, Stephan Zwahlen said:
With the trading and custody of digital assets, not only are we tapping into a new business area, but we are also creating additional investment possibilities for our core business.
Notably, the bank will initially support few cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), and several ERC-20 tokens with plans to add support for more cryptocurrencies in the future.
The bank urges customers that they should not be scared of security breaches reported on other crypto trading platforms, as its multi-layered security architecture is well-equipped to combat any form of cyber-attacks.
Maerki Baumann dives into the crypto space
The latest move had earlier prompted the bank to collaborate with few firms in the financial industry and the crypto space, thus ensuring the trading and custody service of cryptocurrencies is successful.
As per the report, when Maerki Baumann clients place crypto orders with the bank, the transaction will be moved through the bank’s partners, especially InCore Bank, to professional crypto brokers and exchanges. This method, according to the bank, would ensure that transactions are executed in the shortest possible time.
Interestingly, the move to offer crypto trading and custodian service conforms with Maerki Baumann’s “multi-phase crypto strategy,” which was launched last year.
Since the launch, the bank has made several efforts toward embracing the crypto industry, including providing financial services for blockchain-related firms, and supervising several Initial Coin Offerings (ICOs) and Security Token Offerings (STOs).
Also, a five-man crypto desk was earlier established to facilitate the firm’s entrance into the industry.
More banks embracing cryptocurrencies
Banks and traditional financial institutions are gradually seeing the light of cryptocurrencies, as most banks have started dealing with crypto-related businesses.
Coinfomania reported recently that America’s largest bank JPMorgan Chase started offering banking service to Coinbase and Gemini cryptocurrency exchanges even though famous Wallet Street bank, Goldman Sachs has warned Bitcoin and cryptocurrencies are not an asset class.
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