A privately owned Swiss Bank has announced its plan to allow deposits of cryptocurrency and digital assets.
In a statement made available, the private Swiss Bank stated that at this time the new service doesn’t offer direct investment of cryptocurrencies but allows the deposit of digital assets that businesses receive as payment or individuals earn through crypto mining. The private Swiss Bank clarified that it is “generally prepared to accept funds” in cryptocurrency.
However, this announcement is coming after the bank on July published on its website a publication titled “Cryptocurrencies – What exactly are they?”, which looks into the digital asset market and discusses concepts including mining, trading and blockchain security. The publication states as follows:
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.”
Maerki Baumann bank is a privately owned traditional institution focusing on investment and asset management. The private Swiss Bank as of 2017, handles about $750 million of client funds.
Following this development, the private Swiss Bank is the second financial institution in Switzerland to begin accepting cryptocurrency, following the decision in July by Zurich-based and Abu Dhabi-backed Falcon Bank to begin dealing in digital assets. The bank made the decision in the hopes of improving its image after becoming embroiled in a multi billion-dollar embezzlement scandal involving one Malaysia Development Berhad.
With this announcement, it clearly depicts Switzerland has continued to show great interest in blockchain technology. Early this year, a Swiss company SIX Group announced its plan to launch the Swiss Digital Exchange, a fully integrated digital asset trading platform. It plans to launch the trading platform early next year.