Maerki Baumann, a Swiss private bank based in Zurich, will become the second bank in the country to accept cryptocurrency assets. Earlier this year, Hypothekarbank Lenzburg became the first Swiss bank to provide company accounts for blockchain and crypto-related fintech companies.
Maerki Baumann will begin accepting cryptocurrency assets from payments received for services rendered. It will also accept cryptocurrencies earned from crypto mining. The move comes in response to new market demands as well as the global increase in the popularity of cryptocurrencies.
According to the bank’s statement, Maerki Baumann is not ready to provide direct investments into cryptocurrencies. However, the bank will provide “expert” assistance to any clients interested in investing in digital assets.
The bank seems to have opened the door to future investment products, saying that the bank “closely monitors the development” of cryptocurrencies as viable investment vehicles; and the bank is also monitoring and its “underlying regulation.” This suggests that as the regulatory climate improves and global acceptance of cryptocurrency rises, the bank could in the future begin offering direct crypto investments to its clients.
“We currently see cryptocurrencies as alternative investment vehicles, but we have limited experience and data (prices, volatility, trading volumes) available in our house.”
Maerki Baumann “currently advise against larger investments in cryptocurrencies. Crypto currencies [sic] are not, in our estimation, suitable for long-term investment due to the uncertainties outlined above.”