Maerki Baumann — a private bank based in Zurich, Switzerland — has announced it will manage its clients’ cryptocurrency assets. This makes it the second Swiss bank to make such an announcement following Hypothekarbank Lenzburg (Hypi), which stated in June that it would open business accounts for cryptocurrency companies.
The bank recently published an article on its website entitled, “Cryptocurrencies — What Exactly Are They?” Written by the company’s deputy head of IT and digitization Milko G. Hensel, the article offers a brief description of some of the world’s best-known and most established digital currencies, such as bitcoin and ether. It then explains that, while the bank is prepared to “accept funds generated through cryptocurrencies,” it does not condone investing in cryptocurrencies given their volatility and speculative natures.
