Bitcoin, Ethereum, XRP, Litecoin and BCH Move from Switzerland

An important move came from the Swiss-based Maerki Baumann private bank. The bank, owned by a family in Switzerland, added cryptocurrency custody and trading services to its services.  Following the regulatory approval of the Swiss Financial Market Advisory Authority (FINMA), Maerki Baumann will start offering its customers cryptocurrency trading and custody services from June 2020.

Five Cryptocurrencies Will Take Part in the Launch

Making a statement, the Zurich-based private bank emphasises that the launch of new crypto features is proceeding in accordance with Maerki Baumann's crypto system launched in early 2019. As part of the strategy, the bank, which offers commercial accounts on behalf of Blockchain companies, is also advising newcomers on venture cryptocurrency offerings and securities token offerings.  Maerki Baumann clients will be able to trade five major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC). The firm stated that traders can also offer to trade other ERC-20-based digital assets.

Cryptocurrency Issuance Offers More Investment Opportunities

In order to trade cryptocurrencies, Maerki Baumann will conduct transactions with its partners. In particular, the bank will continue to work with professional crypto brokers and liquid crypto money exchanges through companies similar to the InCore Bank AG transaction bank, especially regarding the trading orders given to them.  Maerki Baunmann states that the policy of working together will enable transactions to be carried out more quickly and with a narrow trading spread.  The new cryptocurrency issuance aims to bridge the gap between traditional private banking and the crypto industry, making the future process more controlled and comfortable. Maerki Baunmann CEO Stephan Zwahlen stated that the new feature will provide new investment opportunities for institutional investors. Maerki Baumann is among the early adopters of crypto and Blockchain technology in Switzerland. In August 2018, it was reported that the bank was the second Swiss bank to accept crypto assets. Last year, the company's CEO claimed that Blockchain technology and crypto assets could leave traditional banking businesses behind.