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Another important Swiss bank, Maerki Baumann Private Bank of Zurich, has announced that it will start accepting cryptocurrency.
Setting the tone?
In July 2017, the Falcon Private Bank in Switzerland announced that it will store and sell Bitcoin within its own infrastructure, challenging the status quo while most of the country's banks refuse to accept cryptocurrencies.
Now another major bank, the private bank Maerki Baumann in Zurich, will accept the digital currencies. The only condition is that they have to be received for a successful service or extraction. The mechanisms that the bank will use to authenticate the origin of cryptocurrencies have yet to be revealed.
The bank outlined that it considers cryptocurrencies as an alternative means for investors and confessed that its experience in this area is rather limited:
Maerki Baumann closely monitors the development of these investment vehicles and the underlying regulation without our commitment to engage in this sector. This concerns investments in cryptocurrencies and the technologies needed to negotiate and archive these tools. Currently we see cryptocurrencies as alternative investment vehicles, but we have limited experience and data (prices, volatility, trading volumes) available in our home.
Serious Progress
Switzerland is certainly showing rapid progress in the field of cryptocurrencies. In addition to the recent announcement by Maerki Baumann Bank, the parent company of the stock exchange of the country – SIX Group – announced in July that it intends to launch a fully integrated digital asset infrastructure. It will be designated for the commerce, settlement and custody of cryptocurrencies.
But the good news does not seem to stop here. Germany is also taking important steps in the field. The second largest German stock exchange in Germany, Boerse Stuttgart, also revealed plans to introduce a complete suite of investment instruments.
Just a few days before, the owner of the New York Stock Exchange – Intercontinental Exchange (ICE), worked with Microsoft, Starbucks, and other selection companies to create a cryptocurrency exchange dubbed Bakkt.
However, despite the flow of positive news, Bitcoin (BTC) 0 0 is still struggling to reflect the recent wave of positive news.
What do you think of Maerki Baumann's decision to accept cryptocurrencies? Do not hesitate to let us know in the comments below!
Images kindly granted by Pxhere; Pixabay.
