A private Swiss bank has included XRP token in its streams of cryptocurrency supported for trading and custody purpose.
Maerki Baumann & Co. AG, a private bank that has been the banks of many Initial Coin Offerings (ICOs) and security token offerings (STOs) for the last 11 years, is moving into the next path of its crypto strategy, and now, the bank is going to be offering its numerous clients cryptocurrency trading and custody services.
From the month of June, Maerki Baumann, a family-owned bank will offer the crypto services, being an early adopter of cryptocurrency and blockchain technology, in the whole of Zurich alone.
The bank believes cryptocurrency can change the financial dimension across the world, hence, it made the decision in taking the lead in the industry without hesitating to play an active leading role.
Last year, Maerki bank took courage to embark on a multi-phased crypto strategy and started it by supervising initial coin offerings (ICOs) and security token offerings (STOs), and then a five-man Crypto Desk was established and chaired by Marcel Spalinger.
The Swiss Financial Market Advisory Authority (FINMA) has now granted Maerki a license to trade and offer crypto custody service, showing its readiness to serve as a bridge between the cryptocurrency industry and the banking industry.
Maerki Baumann bank will now be able to trade notable cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).
Any client willing to trade ERC-20 tokens are also welcomed. The bank also wills to offer more cryptocurrencies in the future.
The Switzerland bank says it depends on the latest technologies for its crypto custody with its multi-layered security architecture fashioned to foster optimum security and protection against cyber intruders. This was checked during the licensing process by FINMA, the bank revealed.
Through Maerki Baumann, customers will have the privilege to invest in blockchain firms in the nearest future.
Recently, several exchanges in Switzerland adopted XRP, and a number of banks are already venturing into the cryptocurrency industry.
Arab Bank and Sygnum bank have separately launched support for XRP. The two Switzerland banks are going to be offering digital asset services for clients in the country.
As banks begin to adopt cryptocurrency after several years of denying the viability of cryptocurrency, there is a great hope that this sudden move will increase the adoption of digital assets. Recollect that banks and remittance firms are beginning to adopt cryptocurrency XRP for remittance through Ripple’s On-Demand Liquidity channel.