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2 Swiss Banks Launch Cryptocurrency Trading and Custody After Gaining Regulatory Approval

Switzerland’s financial regulator, FINMA, has approved two Zurich-based banks to offer a range of cryptocurrency services, including trading and custody. Maerki Baumann Bank subsequently announced the launch of its trading platform for major cryptocurrencies while Incore Bank is offering a range of crypto services.

Maerki Baumann, a Zurich-based personal bank with a devoted crypto desk, said Friday that it has obtained a license from FINMA “to offer the trading and custody of cryptocurrencies as well as other digital assets (tokens).” With this new license, the bank will provide its shoppers the buying and selling and custody of cryptocurrencies beginning this month. Noting that its buying and selling platform may even help ERC20 tokens, the bank defined:

Maerki Baumann will initially provide buying and selling within the principal cryptocurrencies, particularly bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), litecoin (LTC) and ripple (XRP).

The second bank recently authorized by FINMA to offer crypto services is Zurich-headquartered Incore Bank, a transaction bank that provides outsourcing services for financial institutions, such as settlement, custody, payments, accounting, compliance, and tax support. Its clients include Maerki Baumann. Incore announced Friday that the Swiss financial regulator has approved it to “trade, hold, transfer and generate (tokenize) digital assets,” elaborating:

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.

Source: https://fintechzoom.com/

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