Maerki Baumann has become the latest Swiss Bank that is launching crypto custody and trading services soon. Following approval from the Swiss Financial Market Advisory Authority (FINMA), the bank will offer crypto services to citizens. The bank noted that the launch of the new crypto features comes in line with Maerki Baumann’s crypto strategy that was initiated last year. As part of this strategy, the Swiss Bank has been offering business accounts for blockchain startups. It has also been providing advice for startups working on their initial coin offerings and security tokens offerings.
The bank’s customers will be able to trade five major cryptos.
Initially, the Swiss Bank’s customers will be able to trade five major cryptocurrencies, including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Litecoin. The customers can also trade other ERC-20-based digital assets. Maerki Baumann is partnering with some established organizations to handle crypto trading. The trading orders placed with the Swiss bank will be processed through liquid crypto exchanges, professional crypto bankers, and banks, including InCore Bank AG. The bank said that this would ensure that transactions can be rapidly executed and with a narrow trading spread.
Stephan Zwahlen, the CEO of Maerki Baumann, noted that the new services would enable investment opportunities for institutional investors as well.
FINMA granted crypto licenses to two banks last year.
The Swiss cryptocurrency bank SEBA received regulatory clearance to go live from FINMA last year. The Swiss bank is now fully operational and is supporting five coins BTC, ETH, XLM, LTC, ETC. SEBA obtained a banking and securities dealer from the Swiss Financial Market Supervisory Authority in 2019 along with Sygnum. Sygnum received a banking license in Switzerland and went live in September 2019. Switzerland has also been at the forefront when it comes to regulating cryptocurrencies. The country enforced FATF guidelines to regulate the crypto industry last year.