Tanya Abrosimova
Independent Analyst
- Maerki Baumann will allow the clients to deposit earned or mined cryptocurrency.
- Major coins go green after a deep slump at the beginning of the week.
Switzerland will have the second bank open for cryptocurrency assets. Maerki Baumann will accept the digital assets of its customers, obtained through mining or as a payment for goods 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.
Earlier, Falcon Private Bank announced its willingness to accept cryptocurrency assets.
Switzerland is considered to be one of the friendliest jurisdictions when it comes to cryptocurrencies. The country aims to become a global hub for financial innovations, fintech, blockchain, and everything crypto; however, local banks have been wary of the new form of money and refused to accept them.
Maerki Baumann responds to the growing demand for these services from startups and crypto investors, though it is not going to provide services for direct investments in cryptocurrencies. Moreover, the bank itself remains skeptical and does not recommend its customers engage in substantial crypto 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.”
Meanwhile, the cryptocurrency market is recovering slowly from multi-month lows. As traders are struggling to get a foothold, this news might serve as a good reason for recovery ahead of the weekend.
Bitcoin is trading at $6,350, which is 1% higher since the beginning of Thursday; Ethereum has recovered from $355 to trade at $362 (+2%), while XRP is a growth leader: the coin has gained over 4% amid recovery from deeply oversold levels.
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