Maerki Baumann, a private bank headquartered in Zurich, has decided to accept cryptocurrency assets, according to International Investment.
It is the second Swiss bank to accept crypto assets following Falcon Bank, which offers crypto-asset management services for bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
According to the report, Maerki Baumann opened its doors to cryptocurrencies in order to meet new demands in the market. The bank is not offering direct investments in cryptocurrencies, but an alternative for clients who had to take their assets to other countries, such as Liechtenstein.
“Maerki Baumann closely monitors the development of these investment vehicles and the underlying regulation without our commitment to engage in this area. This concerns investments in cryptocurrencies as well as the technologies required to trade and store these instruments. We currently see cryptocurrencies as alternative investment vehicles, but we have limited experience and data (prices, volatility, trading volumes) available in our house,” the bank said.
Importantly, the bank will accept those crypto assets that have been received for a service or from successful mining. It is also ready to provide its clients with crypto experts if required.
“Maerki Baumann is generally prepared to accept funds generated through cryptocurrencies, be it through speculative transactions or in the form of payment received for services provided or from mining profits,” it said.
However, the bank remains largely skeptical of cryptocurrency investments and believes that they are they are not suited for long-term investment.