While in countries like Brazil and Chile banks are shutting down accounts of crypto businesses, exactly the opposite thing is happening in Switzerland. It is not a secret that the European country is trying to capitalize on the crypto trend as the local community refers to the Zug Valley as the Crypto Valley.
Last year, the Zurich-based Falcon Private Bank opened up for cryptocurrency-related businesses. It even went on to offer cryptocurrency asset management services, not without the participation of Bitcoin Suisse AH, however.
Now a second Zurich bank is following the way paved by Falcon Private Bank. Maerki Baumman, which also happens to be private, is ready to pen banking partnerships with companies dealing with cryptocurrencies in one way or another. For everyone in the industry, this news should come as a great relief as not every bank is open to business collaborations with crypto-related firms. International Investment was the first to publicly share this information.
In contrast to Falcon, Maerki Baumman is not offering cryptocurrency asset management services. Despite the current lack of crypto asset management support, in its report on digital assets, Maerki Baumman notes that it is “keeping an eye” on such services.
An excerpt from the report reads:
“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.”
Then further adding:
“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.”
Despite its overall support for cryptocurrencies and blockchain technologies, Switzerland recently was left by several companies. That was due to the closure of two small banks operating with crypto-related businesses. The closure of the banks of mistakenly seen as cracking on crypto businesses.
Switzerland is undoubtedly at the forefront of the blockchain industry along with Malta. It is interesting to see who would win the race for becoming the world’s blockchain capital – Switzerland’s Crypto Valley or Malta’s Blockchain Island.
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