Two Swiss Banks Launch Cryptocurrency Services

Two Zurich-based banks got a green light from The Swiss Financial Market Supervisory Authority (FINMA), Switzerland’s financial regulator, to offer a range of cryptocurrency services, including trading and custody. The two banks are Maerki Baumann Bank and Incore Bank.

Maerki Baumann Bank, a Zurich-based private bank with a dedicated crypto desk, has obtained a license from FINMA “to offer the trading and custody of cryptocurrencies as well as other digital assets (tokens).” Following the FINMA’s approval, the bank went on to announce the launch of its trading platform for major cryptocurrencies. This license allows the bank to offer its clients the trading and custody of cryptocurrencies starting this month.

“Maerki Baumann is in no doubt that digital assets will be a fixed element of a professional investment advisory and asset management service in the future,” the bankannounced. The bank will therefore be expanding its existing private banking offerings in the second half of the year and building up selected crypto investment services.

Maerki Baumann will initially offer trading in the principal cryptocurrencies, namely bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), litecoin (LTC) and ripple (XRP).

The bank will also supervise initial coin offerings (ICOs) and security token offerings (STOs) for its clients.

As for Incore Bank, it launches a range of crypto services. Incore announced earlier this month that the Swiss financial regulator has approved it to “trade, hold, transfer and generate (tokenize) digital assets… This makes Incore Bank the first Swiss business-to-business bank to offer financial service providers and institutions worldwide easy and secure access to a new and forward-looking asset class.”

The bank has also partnered with several crypto companies, such as the Swiss company Crypto Finance AG.

The bank’s representative additionally revealed that it also plans to “expand the brokerage, custody and transfer services to security tokens,” adding that they have partnered with Inacta AG, an independent Swiss IT crypto consulting firm, to develop additional services in this area.

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