It looks like that another bank is joining the world of cryptocurrency.
Just recently we heard that the German Stock Exchange has created a cryptocurrency trading app and it plans to create crypto infrastructure in the future.
In July 2017, Falcon Private Bank of Switzerland spread the word that it will be storing and trading Bitcoin on its own infrastructure making it stand out from the crowd.
Now, Maerki Baumann – another major private bank - in Zurich will start accepting cryptocurrencies. They have a condition that users have to follow. Cryptocurrencies have to be received for a service or from mining them. They claim that verification mechanisms will be created but there is no additional information.
The Maerky Baumann said that cryptocurrencies are seen as an alternative for investors. They have also stated that their experience is lacking.
Maerki Baumann closely monitors the development of these investment vehicles and the underlying regulation without our commitment to engage in this area. This concerns investments in cryptocurrencies as well as the technologies required to trade and store these instruments. We currently see cryptocurrencies as alternative investment vehicles, but we have limited experience and data (prices, volatility, trading volumes) available in our house.
It appears that Switzerland is advancing when it comes to cryptocurrencies. In addition, SIX Group made an announcement in July that it plans to launch a digital asset infrastructure that will be used for trading, settlement, and custody of cryptocurrencies.
And despite the good news in the crypto field, the price of Bitcoin still experiences some issues with its price - $6,968 at the time of writing.