The Maerki Baumann bank has announced it will accept cryptocurrencies, making it the second private financial institution in Switzerland to allow customers to deposit crypto assets.
The Zurich-based bank says it will accept cryptocurrency assets from payments received for services rendered as well as those earned from crypto mining.
The bank explained that its decision to accept crypto assets was based on new market demands and the rise of the popularity of cryptocurrencies around the world.
No direct crypto investments
The Swiss bank, however, explains it will not provide direct cryptocurrency investments but will offer ‘experts’ to its customers who are interested in investing in digital currencies.
Maerki Baumann closely monitors the development of cryptocurrencies as an investment tool as well as the regulation around it, a statement explained.
“We currently see cryptocurrencies as alternative investment vehicles, but we have limited experience and data available in our house,” it adds.
Not suitable for the long-term
The bank also “currently advises against larger investments in cryptocurrencies”, saying that digital tokens “are not, in our estimation, suitable for long-term investment due to the uncertainties outlined above”.
The first bank to begin accepting cryptocurrency assets was the Falcon Private Bank, which last year received authorisation from the Swiss Financial Supervisory Authority for managing Bitcoin (BTC) and other cryptocurrencies based on blockchain technology.
The Hypothekarbank Lenzburg had become this Summer the first bank Switzerland to provide company accounts for blockchain and crypto-related FinTech companies.