Swiss Bank Maerki Baumann Starts Accepting Cryptocurrencies

Banks and financial organizations all over the world have been turning soft on cryptocurrencies and Maerki Baumann from Zurich is the latest bank to join the trend.

A recent report published by International Investment has revealed that the Swiss bank is now accepting digital currencies. Maerki Baumann joins the trend after Hypothekarbank Lenzburg (Hypi) announced about a month ago that it was launching business accounts targeting crypto firms. Falcon Private Bank which is also a Swiss bank announced in July last year that its asset infrastructure would allow Bitcoin trading and storage.

Maerki Baumann which happens to be a private bank will, however, accept cryptocurrencies on only if they are received from successful mining operations or if they are received from a service. The Swiss bank has however not revealed the measures that it will use to determine the origin of the cryptocurrencies. The latest announcement highlights the changing opinions about cryptocurrencies in the banking sector.

Not so long ago, cryptocurrencies were shunned and even branded as scams. However, banks, financial institutions, and governments have now started embracing digital currencies and blockchain technology. Maerki Baumann revealed in one of its statements that it views cryptocurrencies as good investment opportunities although it confessed that it has limited knowledge about digital currencies.

Maerki Baumann also added that it not only monitors cryptocurrency investments but also the technologies that are necessary for trading and storing digital currencies. The statement by the bank also revealed that most Swiss banks are opposed to the idea of receiving cryptocurrency payments despite the fact that the crypto market has become more stable over the years. This opposition is most likely due to the negative background of cryptocurrencies such as Bitcoin and Ethereum. It could also be due to the use of cryptocurrencies for illegal purposes such as money laundering and tax evasion.

Unfortunately for Swiss banks, their refusal to accept cryptocurrencies has forced customers to seek other alternatives and this could be one of the reasons that some of the banks are reverting their decision. The banks have to adapt to the changing market in order to retain their customers. This also applies to banks in other countries and as such, many global banks have been carrying out research about digital currencies and blockchain which is their underlying technology.