Maerki Baumann Bank Announces Crypto Management Services
Maerki Baumann, a Swiss bank, and asset manager have announced that it will now be supporting and overlooking the management of cryptocurrencies and digital assets for clients. This happens to be a beneficial and important step forward for Switzerland due to the fact that the nation is recognized as one of the leading countries in terms of crypto-block tech.
As home to the blockchain hub that is Zug, through permitting local financial institutions to accept cryptocurrencies, the country would jump ahead in terms of widespread and mainstream adoption of crypto. Currently, the bank will not act as a digital currency exchange platform and no purchasing or selling of coins will occur through the bank although storing owned digital coins will be available and bank management services will be provided if chosen.
According to the public statements, the bank is not currently providing cryptocurrency investing but acting as an alternative service for those relocating their own assets. Additionally, Maerki Baumann will accept digital coins acquired from cryptocurrency mining and experts in crypto will be available for any clients requesting so. The bank also stated its opinion on cryptocurrencies and how they believe crypto is not yet suited for the world.
This might provide an opportunity for the bank to further research digital currencies as a means of an alternative to fiat currencies instead of investment-wise. While voicing a strict stance against cryptocurrencies for investment purposes, through storing and managing them for clients, it may provide a new outlook for the bank.
Additionally, while Switzerland is located in Europe, the country uses the Franc, its national currency as opposed to the Euro which also provides a less tedious roll out of digital currencies, unlike France and Germany.