The Maerki Baumann private bank will become the second Swiss bank to accept cryptocurrency assets, financial news outlet International Investment reports August 6. The private Zurich bank has decided to accept crypto assets from payments received for services rendered, as well as those earned from crypto mining, as a response to new market demands and the rise of cryptocurrencies’ popularity, International Investment writes. Maerki Baumann noted that they are not ready to provide direct cryptocurrency investments, but will provide “experts” to clients interested in crypto investing. 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, trading volumes) available in our house.” However, the bank does state that they “currently advise against larger investments in cryptocurrencies,” adding “Crypto currencies [sic] are not, in our estimation, suitable for long-term investment due to the uncertainties outlined above.” Earlier this summer, the Hypothekarbank Lenzburg had become the first bank Switzerland to provide company accounts for blockchain and crypto-related fintech companies. Last year, the Falcon Private Bank had received authorization from the Swiss Financial Supervisory Authority (FINMA) for managing Bitcoin (BTC) and other cryptocurrencies based on blockchain technology.
Swiss bank Maerki Baumann will start accepting cryptocurrency assets for services rendered and also earned from cryptocurrency mining, according to International Investment. The private bank will not provide direct cryptocurrency investments and warned against large investments in cryptocurrencies, but will monitor the sector and its regulation for investment purposes. Meanwhile, Hypothekarbank Lenzburg launched company accounts for blockchain and crypto-related fintech companies this summer, while the Falcon Private Bank received regulatory approval to manage bitcoin and other blockchain-based cryptocurrencies last year.