Swiss private bank Maerki Baumann receives license for crypto-custody and trading

5 Jun, 2020

The Swiss private bank Maerki Baumann & Co. AG specializes primarily in asset management but has been offering business accounts for blockchain companies and overseeing initial coin offerings (ICOs) and security token offerings (STOs) since April 2019. As stated in a press release issued by the financial institution on 29 May 2020, the private bank is now launching the next phase of its crypto strategy. From June 2020 onwards, Maerki Baumann will be offering its clients crypto-custody for assets such as Bitcoin, Ethereum, or security tokens. In addition to custody, the bank will be able to offer its clients trading in crypto-currencies.

Maerki Baumann will initially offer trading in the principal cryptocurrencies, namely Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). Clients may also trade in other digital assets based on the so-called ERC-20 token standard. Besides, the bank intends to successively expand its range of crypto services in the second half of 2020.

These new crypto services for private clients are made possible by the recently issued corresponding authorization from the Swiss Financial Market Supervisory Authority FINMA.

Maerki Baumann relies on modern technologies and the expertise of experienced partners for the safekeeping of digital assets. Its multi-layered security architecture ensures maximum protection against cyber-attacks and unauthorized access. High-security facilities in Switzerland are available for the storage of the data.

Source: Maerki Baumann press release

 

More and more banks are offering their customers professional services in the crypto sector. The Swiss Incore Bank recently also launched several crypto services after receiving the corresponding FINMA licenses. Earlier this year, KB Kookmin launched a crypto-custody service in March. In view of the regulatory requirements of BaFin for Germany, other German banks will follow suit in the coming months. So let’s be curious to see who will offer crypto asset custody next.

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