Private bank from Switzerland Maerki Baumann has reportedly made moves to expand its crypto initiatives, via rolling out crypto custody and trading features.
Specifically, after obtaining regulatory green light from the Swiss Financial Market Advisory Authority (FINMA), Maerki Baumann will reportedly be making crypto trading and custody services available to customers.
The unlisted private bank from Zurich reportedly revealed that the release of their crypto services is the next step in a previously started crypto plan back in early last year. Particularly, Maerki Baumann has reportedly been providing business accounts for blockchain-related companies, along with offering consultation for startups, doing businesses with ICOs and STOs.
Following the initial release, Maerki Baumann customers will reportedly has the power to conduct trading activities for 5 major digital coins – Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC).
Traders will reportedly also be able to carry out trading for different other ERC-20-based crypto assets.
The initiative is reportedly an attempt to bridge the gap between traditional private banking and the crypto sector.
“With the trading and custody of digital assets, not only are we tapping into a new business area, we are also creating additional investment possibilities for our core business. This will benefit younger, tech-savvy client segments as well as private and institutional clients who would like to seek out new sources of return in the digital sphere or further diversify their portfolios.”