Switzerland seem to be interested in how crypto markets are coming to form. While their expertise still has room for growth, their eagerness to support clients in what many see as a market in demand has been evident. In addition to the country’s Hypothekarbank Lenzburg being the first bank to offer blockchain and crypto related services, the second bank to follow suit is supposedly that of the Maerki Baumann.
As per a news platform dubbed, International Investment, the private bank will be accepting cryptocurrencies as a mean of payment for services performed. In addition, support will also be given to income earned via crypto mining.
The report published Monday, August 6, revealed that Maerki Baumann will not necessarily promote crypto services, as they lack the necessary knowledge to do so, however, they do plan to offer customers with “experts” who might help direct novice investors towards an appropriate path.
In particular, the bank stated that:
“We currently see cryptocurrencies as alternative investment vehicles, but we have limited experience and data,” adding that they still need to better understand several aspects of the market including the likes of “prices, volatility [and] trading volumes.”
International Investment has also pointed out that the private bank advises against putting large sums of money into such a volatile market, as its unpredictability and lack of market capitalization could possibly be troublesome.
As per the bank’s quote:
“Cryptocurrencies are not, in our estimation, suitable long-term investment due to the uncertainties outlined above.”
Clearly, Hypothekarbank Lenzburg made the first step towards getting more banks involved. While it is evident that banks are still hesitant of the crypto sphere and what it will come to over the long run, their willingness to explore what’s in demand is praiseworthy, and reflects a great step on behalf of Switzerland.