Switzerland has confirmed that it will have the second bank open for crypto assets. Maerki Baumann will allow the digital assets of all its customers, obtained via mining or as a means of payment for products and services.
“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 in a statement.
Recently, Falcon Private Bank proclaimed its willingness to accept crypto assets.
Switzerland to Become a Global Hub
Switzerland is regarded to be one of the amicable jurisdictions especially when it comes to Cryptos. The nation targets to become a world hub for blockchain, fintech, financial innovations, and everything related to cryptocurrency; nevertheless, local banks have been careful of the new type of money and rejected to allow them.
Maerki Baumann reacts to the increasing demand for these major services from cryptocurrency investors and several startups, even if it’s not in the position of offering services for direct investments in Cryptos. Furthermore, the bank itself remains questioning and skeptical and it discourages its customers participate in vast cryptocurrency investments.
“In general, we currently advise against larger investments in cryptocurrencies. Cryptocurrencies are not, in our estimation, suitable for long-term investment due to the uncertainties outlined above.”
Meanwhilst, the crypto market is slowly regaining from a long multi-month low. As crypto traders are hustling to get a bridgehead, making this news to serve as a sounding reason for an expected recovery ahead of this coming weekend.
At the time of writing Bitcoin is trading at $6,350, that is just 1% higher since the start of Thursday, August 9; Ethereum has also regained from USD$355 to trade at USD$362 (+2%), while XRP has gained more than 4% amid regaining from deeply oversold levels, hence making it a growth leader.