Maerki Baumann Private Bank Offering Services to Crypto Customers




Swiss private bank Maerki Baumann is now offering banking services to blockchain and digital currency companies, according to International Investment. The decision comes as a number of cryptocurrency firms have moved to jurisdictions outside Switzerland, sparking concern from Swiss regulators.

Maerki Baumann is now the second Swiss bank to offer banking partnerships to firms with money derived from cryptocurrency - Falcon Private Bank has been providing services to crypto firms since 2017. The bank published a July report in which it detailed its position on accepting crypto-related funds:

“Maerki Baumann is generally prepared to accept funds generated through cryptocurrencies, be it through speculative transactions or in the form of payment received for services provided or from mining profits.”

While it will apparently provide basic banking services to crypto customers, Maerki Baumann reportedly has no plans to offer the type of cryptocurrency custody and asset management services Falcon is providing. For now, the bank plans to continue to monitor the industry’s development:

"Maerki Baumann is keeping an eye on the development of these investment instruments and the corresponding progress on the regulatory side, without looking to gain exposure to this young asset class at the present time. This is true not just of direct investments in cryptocurrencies, but also investments in the necessary technology for the trading and custody of these instruments.”

The bank did, however, advise investors against making “any major investments in cryptocurrencies at present,” and suggested that they should learn about the risks and only allot a small portion of their “disposable assets” to these types of investments. They also cautioned that investors who do not understand those risks should avoid the asset class altogether.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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