Maerki Baumann & Co. AG the 2nd Swiss Bank to Accept Crypto Assets

 

Swiss Bank Maerki Baumman accept to form a banking partnership with cryptocurrency firms, solving a major obstacle for companies that operate in this industry.

Maerki Baumman is a private bank specializing in asset management, headquartered in Zurich. It has been family-run for 80 years, with an estimated management of over 7 billion Swiss francs.

The Swiss bank doesn’t provide for direct investments in cryptocurrencies. It is however prepared to provide its clients with experts if need be.

“Maerki Baumann closely monitors the development of these investment vehicles and the underlying regulation without our commitment to engage in this area. This concerns investments in cryptocurrencies as well as the technologies required to trade and store these instruments. We currently see cryptocurrencies as alternative investment vehicles, but we have limited experience and data (prices, volatility, trading volumes) available in our house… In general, we currently advise against larger investments in cryptocurrencies. Cryptocurrencies are not, in our estimation, suitable for long-term investment due to the uncertainties outlined above.”

With an increase in popularity of cryptocurrencies, more people are attracted to invest. Most Swiss banks, however, refuse to accept such money. The main reason for that refusal is that the background of the assets may be tainted or hard to verify to comply with money laundering regulation. Clients, therefore, take their assets elsewhere, in particular to Liechtenstein. Bank Frick Liechtenstein is accepting such funds and provides support with investments in cryptocurrencies.

Despite rising competition from other countries seeking to capitalize on the cryptocurrency boom, Switzerland’s Crypto Valley is determined to get back its position.

 

 

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