Finance

Maerki Baumann Bank to Accept Cryptocurrency Assets

Switzerland Takes a Leading Role in the Race

Michael Wight Michael Wight August 15, 2018
1 minute read
maerki-swiss-crypto-blockchainland

Falcon Private Bank Switzerland became the first bank in the country to accept cryptocurrencies when it launched its first crypto-asset management product last year.

This gave a big boost to the industry and was followed by the Hypothekarbank Lenzburg bank offering business accounts to blockchain users earlier this year.

The Maerki Baumann Bank – Another One to Join the List

Things seem to be moving pretty fast in the country as The Maerki Baumann, one of Switzerland’s most prominent private banks, has now announced to offer similar services to its clients.

New reports indicate that the bank is accepting crypto assets as payments for services provided. However, it is not yet known if the bank is only dealing in Bitcoins or other cryptocurrencies as well.

The move comes as a result of the popularity of cryptocurrencies, not just in Switzerland, but in other parts of the world as well.

No Investment in Cryptos – Yet!

The bank is presently not providing investments related to cryptocurrencies. But it is willing to share its expertise with clients interested in investing in this field.

Many experts believe that the move is to gauge initial public response and the bank may soon turn to investments as well.

A statement released by the bank talked about how it has limited exposure to the world of cryptocurrencies. It said,

“We currently see cryptocurrencies as alternative investment vehicles, but we have limited experience and data (prices, volatility, trading volumes) available in our house.”

The statement highlights how the bank sees cryptocurrencies as a potential investment, which indicates that it might soon directly involve itself in crypto-related ventures as well.

However, at present, it does not seem very keen on the idea as the bank explicitly advised against “larger investments in cryptocurrencies,” most probably due to the volatile and unpredictable nature of the industry.

The crypto market has seen some major ups and downs in the last few months. Bitcoin, for example, came close to touching the $20,000 mark last year but is now floating around $7,000. Other cryptocurrencies are also far from their record highs.

Switzerland A Haven From Crypto Lovers

Due to such friendly policies, Switzerland is turning out to be a heaven for cryptocurrency lovers. Some more Swiss banks may soon jump the bandwagon.

All in all, governments in different counties also seem to be warming up to cryptos, but we haven’t seen such mass acceptance of the technology anywhere else, except for maybe Malta that has plans to host world’s first regulated bank.

 

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Michael Wight

Michael Wight

Michael is a freelance writer with special interest in finance and technology. He regularly trades cryptocurrencies and loves to share his knowledge with others.

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