Swiss Bank Maerki Baumann To Work With Cryptocurrencies
Swiss bank Maerki Baumann began working with cryptocurrency due to numerous requests from its customers, International Investment informs.
Maerki Baumann became the second bank in Switzerland after Falcon Private Bank to take such a step. Most of the Swiss banking institutions refuse to accept cryptocurrency, despite the growth of its popularity. Bankers are apprehensive about the absence of a possibility to check digital assets for compliance with anti-money laundering rules. Besides, many cryptoassets can be of unknown origin. The Swiss prefer to store funds in crypto in Liechtenstein, where similar services are provided by the bank Frick Liechtenstein.
The Bank is attentively following the development of the crypto market and considering various investment directions, but currently the employees have very little experience and lack of knowledge in the crypto sphere. It is necessary to study information about the price, trading volumes, and cryptocurrencies’ volatility, the management of Maerki Baumann stressed.
Besides, the representatives of the bank recommend their clients not to invest large amounts in cryptocurrency, because they believe that it is not suitable for long-term investments. Now the financial institution does not offer a direct investment in digital assets.
As previously reported, the representatives of the international investment bank Barclays stated that they do not plan to open a trading crypto platform, despite the information spread in social networks.