Swiss Bank Maerki Baumann Launches Crypto Custody and Trading

Maerki Baumann, an unlisted family-owned bank in Switzerland, is expanding its cryptocurrency services by introducing crypto custody and trading.

Following regulatory approval from the Swiss Financial Market Advisory Authority, or FINMA, Maerki Baumann will be offering its clients the trading and custody of crypto starting from June 2020.Five crypto assets will be available at the launch.

Announcing the news on May 29, the Zurich-based private bank said that the launch of new crypto features comes in line with Maerki Baumann's crypto strategy initiated in early 2019.

At the initial launch, Maerki Baumann clients will be able to trade five major cryptocurrencies including Bitcoin, Ether, XRP, Bitcoin Cash and Litecoin.

Specifically, the trading orders placed with the bank will be processed via companies like the transaction bank InCore Bank AG to professional crypto brokers and liquid crypto exchanges, the bank elaborated.

"This will ensure that transactions can be rapidly executed and with a narrow trading spread," Maerki Baumann added.

The new crypto push is intended to build a bridge between traditional private banking and the crypto industry.

Maerki Baumann CEO Stephan Zwahlen outlined that the new feature will enable new investment opportunities for institutional investors.

Maerki Baumann is among early adopters of the crypto and blockchain technology in Switzerland.

In August 2018, the bank reportedly became the second Swiss bank to accept crypto assets.