2 Swiss Banks Launch Cryptocurrency Trading! Good News isn't it?

Switzerland’s financial regulator, FINMA, has approved two Zurich-based banks to offer a range of cryptocurrency services, including trading and custody. Maerki Baumann Bank subsequently announced the launch of its trading platform for major cryptocurrencies while Incore Bank is offering a range of crypto services.

Maerki Baumann, a Zurich-based private bank with a dedicated crypto desk, stated Friday that it has obtained a license from FINMA “to offer the trading and custody of cryptocurrencies as well as other digital assets (tokens).” With this new license, the bank will offer its clients the trading and custody of cryptocurrencies starting this month. Noting that its trading platform will also support ERC20 tokens, the bank explained:

Maerki Baumann will initially offer trading in the principal cryptocurrencies, namely bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), litecoin (LTC) and ripple (XRP).

The second bank recently authorized by FINMA to offer crypto services is Zurich-headquartered Incore Bank, a transaction bank that provides outsourcing services for financial institutions, such as settlement, custody, payments, accounting, compliance, and tax support. Its clients include Maerki Baumann. Incore announced Friday that the Swiss financial regulator has approved it to “trade, hold, transfer and generate (tokenize) digital assets,” elaborating:

This makes Incore Bank the first Swiss business-to-business bank to offer financial service providers and institutions worldwide easy and secure access to a new and forward-looking asset class.

 

Maerki Baumann is Incore’s first client for crypto services, having been a long-standing client of Incore and its parent company holds a stake in the transaction bank. “The trading orders placed with Maerki Baumann will be transferred via established partner companies, most notably the transaction bank Incore Bank AG, to professional crypto brokers and to the world’s leading and most liquid crypto exchanges,” the private bank clarified. “This will ensure that transactions can be rapidly executed and with a narrow trading spread.”

What do you think about Swiss banks offering cryptocurrency services? 

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