The private bank Maerki Baumann will become the second Swiss bank to accept cryptocurrency assets, international financial report International investment reports 6 August.
The private bank of Zurich has decided to accept assets encrypted by payments received for services rendered, as well as those earned by crypto mining, as a response to new market demands and the increase in the popularity of cryptocurrencies, writes International Investment.
Maerki Baumann noted that they are not ready to provide direct investments in cryptocurrency, but will provide "experts" to customers interested in encrypting investments. According to their statement, the bank "closely monitors the development" of crypto as an investment vehicle and its "underlying regulation", noting
"We currently see cryptocurrencies as alternative investment vehicles, but we have limited experience and data ( prices, volatility, trade volume) available in our home. "
However, the bank declares that" it currently advises against the largest investments in cryptocurrencies ", adding
" Cryptographic currencies [sic] are not, in our Notice, suitable for long-term investments due to the uncertainties outlined above. "
At the beginning of the summer, Hypothekarbank Lenzburg had become the first bank in Switzerland to provide company accounts for Fintech companies of blockchain and crypto-related. Last year, Falcon Private Bank received authorization from the Federal Financial Supervisory Authority (FINMA) for the management of Bitcoin (BTC) and other cryptocurrencies based on blockchain technology.