2 Swiss bank launches cryptocurrency trading and custody after securing regulatory approval | Instant News


The Swiss financial regulator, FINMA, has approved two Zurich-based banks to offer a variety of digital currency services, including trading and depository. Maerki Baumann Bank then announced the launch of its trading platform for major cryptocurrency while Incore Bank offered various crypto services.

Maerki Baumann Launches Cryptocurrency Trading Desk and Depository Services

The Swiss Financial Market Supervisory Authority (FINMA) recently approved two banks – Maerki Baumann and Incore Bank – to offer a number of cryptocurrency services, the two financial institutions independently announced Friday.

Maerki Baumann, a Zurich-based private bank with a special crypto table, stated Friday that it has obtained a license from FINMA “to offer trade and storage of cryptocurrency and other digital assets (tokens).” With this new license, the bank will offer its clients trading and withholding crypto currencies starting this month. Noting that its trading platform will also support ERC20 tokens, the bank explains:

Maerki Baumann will initially offer trading in the main cryptocurrency, namely bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), litecoin (LTC) and ripples (XRP).

Swiss Authority Bank 2 to Offer Cryptocurrency Services and Detention Services
Zurich-based private bank Maerki Baumann has opened a business account for crypto companies since April 2019 and is now expanding its cryptographic services to include trade and detention.

In addition to providing business bank accounts for crypto and blockchain companies, the bank has also overseen the initial coin offer (ICO) and security token (STO) offer for its clients. As of December 31, 2019, the bank had around 8.5 billion Swiss francs ($ 8.84 billion) in assets under management, 80% of which came from Switzerland and 10% in Germany.

The announcement on Friday outlined the bank’s short-term plan to further expand the universe of tradable cryptocurrency and crypto investment services in the second half of this year. Bank details:

Maerki Baumann is no doubt that digital assets will be a permanent element of professional investment advisory and asset management services in the future.

Incore Bank Launches Several Crypto Services

The second bank recently authorized by FINMA to offer crypto services is Incore Bank, headquartered in Zurich, a transaction bank that provides outsourcing services to financial institutions, such as settlement, custody, payment, accounting, compliance, and tax support. His clients include Maerki Baumann. Incore announced Friday that Swiss financial regulators had agreed to “trade, hold, transfer and tokenize digital assets,” outlining:

This makes Incore Bank the first Swiss business-to-business bank to offer financial service providers and institutions throughout the world easy and secure access to new and forward-looking asset classes.

Incore Bank recently created the Digital Services division to offer “various services ranging from publishing, distribution, brokerage and storage,” the details of the announcement. “We guarantee the full separation of crypto client assets in each wallet, where no additional capital requirements are needed from the client bank,” said Daniel Blatter, Head of Digital Incore Services.

Swiss Authority Bank 2 to Offer Cryptocurrency Services and Detention Services
The Swiss financial regulator, FINMA, recently approved two Zurich-based banks to offer cryptocurrency services. Maerki Baumann launched a trading platform that supports major cryptocurrency while Incore Bank launched various crypto services.

The bank has also partnered with several companies in the crypto sector, such as the Swiss company Crypto Finance AG. Jan Brzezek, CEO of Crypto Finance, commented:

We believe it’s only a matter of time before bitcoin becomes part of the bank’s standard product portfolio. Incore Bank takes an initial and consistent approach to this topic, and we can immediately implement our intermediary and containment infrastructure.

The bank also revealed that it also plans to “expand brokerage, depository and transfer services to security tokens,” noting that it has partnered with Inacta AG, an independent Swiss IT crypto consulting firm, to develop additional services in the area of ‚Äč‚Äčasset tokenization.

Maerki Baumann is Incore’s first client for crypto services, which has long been an Incore client and her holding company holds shares in transaction banks. “Trade orders placed with Maerki Baumann will be transferred through established partner companies, especially the Incore Bank AG transaction bank, to professional crypto brokers and to the most prominent liquid crypto exchanges in the world,” the private bank explained. “This will ensure that transactions can be carried out quickly and with narrow trading spreads.”

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