Regardless of the growing competition from other countries trying to gain on the cryptocurrency hype, Switzerland’s Crypto Valley seems ready to claims its moxie back.
This is due to the fact that a second Swiss bank, the Zurich-based private bank Maerki Baumann, has agreed to partner with cryptocurrency firms, solving a major issue for firms that deal in this industry.
Earlier one, fellow Zurich institution Falcon Private Bank was the highest-profile Swiss bank willing to provide services to blockchain companies. In 2017, Falcon started offering cryptocurrency asset management services through a cooperation agreement with Bitcoin Suisse AG.
In contrast to Falcon, Maerki Baumann has no intention to offer cryptocurrency asset management or custody services. Yet, the bank released a report on cryptocurrencies in which it claimed it is “keeping an eye” on this asset class.
The report states:
“Maerki Baumann is keeping an eye on the development of these investment instruments and the corresponding progress on the regulatory side, without looking to gain exposure to this young asset class at the present time. This is true not just of direct investments in cryptocurrencies, but also investments in the necessary technology for the trading and custody of these instruments.”
“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,” the bank added.