Swiss Bank Got Approved for Crypto Trading

[Radhika332 106]

On 8/9/2020 at 8:44 AM, Ridam said:

If we talk about the situation some time back, we were seeing a lot of bad response from the financial institution towards Crypto and that were the main problems in the road of mass adoption.

Time goes and now banks are being positive towards Crypto. As US and other countries have allowed banks to provide Crypto custodian service.
The interesting thing is that a private Bank of Switzerland named "Maerki Baumann" has got approved to start Crypto custodian service along with Crypto Trading Service by Swiss  Financial Market Supervisory Authority (FINMA). Initially they would offer trading in BTC, BCH,ETH, XRP, LTC.

Which is really a favour for Crypto industry. And banks have also realized the importance of Crypto currency after many banks being in loss due to the virus issue now.

 

What do you think about it? Are you ready to trade Crypto in your bank account? Any further information is welcomed.

News source-

https://news.bitcoin.com/government-swiss-bank-crypto-trading-custody-services/

Well that's very good news for us. Infact this bank has the facilities of opening an account without any name. After open account , we just get a complex number id as a user. This is just like the cryptocurrency wallet. This steps much more promote the cryptocurrency because this bank has very good reputation and it's completely safe and secure for account holder infact it doesn't reveal their name. After implementing the cryptocurrency steps can also allow users to easy access to their account and the account holders can also start trading with cryptocurrency. Hope some countries will learn from this steps and implement this development.

[Swapzone 174]

That's really great for mass adoption.

There are many other things happening for mass adoption now-a-days tho.

[percare 3192]

Very important news and I've missed about this, the Swiss are the center of the banking system and if they decided to allow banks to open trading and custody of crypto then this will have a big impact once the foundations are set. This can take another two years to become widely promoted as a banking practice in all europe but it will be very soon. I expect to see trading desks inside banks and outsourced investment funds rise a lot in Europe and in USA as it is also the same there happening with banks.

[Ridam 7455]

2 hours ago, percare said:

the Swiss are the center of the banking system and if they decided to allow banks to open trading and custody of crypto then this will have a big impact once the foundations are set. This can take another two years to become widely promoted as a banking practice in all europe but it will be very soon. 

Despite of being custodial service I guess they are taking greater steps for adoption. Yes, other Countries of EU will also take care of the situation that Swiss Banks faces and later other banks will also start promoting such practices if they see profit good there. It could be a innovative example for other nations to give an eye.

[cryptovlek 2597]

Banks finally start understanding that cryptocurrencies are no game and they can't force anyone not to use them. Even banks that were against Bitcoin are now changing and want to have a part by adding cryptocurrencies in investment plans they offer. 

[duncun007 3577]

one bank will not have such a big impact on the market, but when huge banks like JP morgan get into bitcoin and actually start investing then we will be flying beyond 20k

[Chysom20 30]

This is indeed a good news it will really help in pushing cryptocurrency's mass adoption. 

[Sergiowa 135]

On 09.08.2020 at 06:14, Ridam said:

The interesting thing is that a private Bank of Switzerland named "Maerki Baumann" has got approved to start Crypto custodian service along with Crypto Trading Service by Swiss  Financial Market Supervisory Authority (FINMA).

As for Maerki Baumann I could find even a separate section for crypto - "Blockchain and crypto companies". 
They provide the following services: 

- Corporate accounts;
- ICO/STO services;

- Trading and custody of digital assets.
That's awesome.

On 09.08.2020 at 06:14, Ridam said:

What do you think about it? Are you ready to trade Crypto in your bank account? Any further information is welcomed.

I personally still not ready to trade in my bank account in regular terms. I would prefer just investing into crypto directly at my bank account since I can see not only benefits but shortcomings too.   

On 09.08.2020 at 06:14, Ridam said:

News source-

https://news.bitcoin.com/government-swiss-bank-crypto-trading-custody-services/

By the way, the source your provided refers also to Incore Bank that was also approved by FINMA.

 

 

 

[Captain Karim 0]

Well, I don't think I am ready to trade cryptocurrencies in my bank account because this field has already been built, we have many reliable, centralized and decentralized exchange platforms, and I see that there is no point in having cryptocurrencies in a bank account while I can keep cryptocurrencies in my own wallet. Owning private keys.

[Naga 1250]

On 8/26/2020 at 12:46 PM, rekter said:

Well it's against the whole "be your own bank" libertarian ideology, but at least they are offering a service that's going to be insured and you have now armed guards protecting your account. And that's the biggest problem in crypto. When people are in charge of their own money, they will often lose it to hackers.

i dont know why people always talk about not wanting banks to get involved in crypto, being your own bank doesn't mean banks should invest or get involved in crypto, being your own bank means you being responsible of the security of your money and responsible of sending and receiving as well.

[rekter 8129]

4 hours ago, Naga said:

i dont know why people always talk about not wanting banks to get involved in crypto, being your own bank doesn't mean banks should invest or get involved in crypto, being your own bank means you being responsible of the security of your money and responsible of sending and receiving as well.

Maybe something got lost in translation because i already included that info. I was just explaining it further, saying that there are dangers being your own bank and because only you are responsible of your money.

 

And in comparison there's a real bank where you have to trust them to keep your money safe and insured. Because they have actual resources to do so and history of doing that even against heists.

 

That is, if you trust them of course.

 

In short: I was just critizing the bitcoin freedom ideology of "being your own bank", because it has obvious dangers in it for the common user at the moment.

[Maaz sultan 265]

Now the bankers see that the crypto currencies is much profitable and this is the future currencies because by the time many users come to this profitable field .

[Sykkuno 2887]

I have heard of many banks wanting to offer many crypto trading and holding offices for their clients but I don't remember about a Swiss bank, this is very bullish to know as Switserland is the center of the banking system and this will help everyone of us to decide and hold for more and maybe in a few years crypto will become extremely popular.

[bogdanoff 3173]

I am impressed with the latest interest on cryptocurrencies. This seem to be massive and we read about news from banks companies investments and all that handle big money that want to be in the cryptocurrencies and make more business with these.

[Ahmed Abdelfatah 8]

I think it's very good for trading and easy that enables you trade sad safely

[Parviz23 26]

I don't know whether this is a possible attempt by Swiss banks to mitigate potential money laundering.

But people are certainly reluctunt to be keeping the savings if fiat, thats for sure - the maximum that they can cover with the % increase is the raising inflation rate.

And if you remember - during the months of April-May some EU banks in fact were giving a -% for savings accounts.

[annayks 2314]

Adoption is happening on a larger scale than in the past and still I keep reading some posts even in this forum asking question if crypto is a scam. This is getting ridiculous easy decision to buy Bitcoin and risk a lot more than the small investment but go big and there are people even with experience that don't understand anything.

[minoooo5 76]

I see that cryptocurrencies have become a reality, and this is what banks have noticed, and these banks are now working to introduce cryptocurrencies into their dealings.
As for me personally, I will not trade in cryptocurrencies in any bank because my cryptocurrencies will be monitored in addition to fees and taxes, this is in addition to the bureaucracy that characterizes bank transactions, and thus trading in cryptocurrencies lose their characteristics and advantages and become centralized just like regular money and cash

 

[yonkii 3205]

I am happy to read about this, it is very exciting times to be in crypto and I'm glad to have started this journey too! This is one of the most important news I've read and I thank cryptotalk and this very good member to bring me this information. I'm more sure than ever now about the future of cryptocurrencies!

[Chrenova 182]

Traditional financial institutions are afraid of losing the monopoly that took place for centuries, and that is why they see cryptocurrencies as a big problem. They also believe that they will lose power over users, where they have us controlled by means of loans and the constant issuance of fiat money. Banks realized that if they do not adopt cryptocurrencies as an ally, they are going to lose a lot of ground, because all of us believe that it is better to have our crypto in our possession, than to give it to a bank. It is much better to have a nano ledger where only we know the password to use it, than to leave all our money in a bank. Although many people do not know how to use technology, they are the ones who are going to keep the cryptos in the banks, and that is going to be that millions of people start using them as a way of saving.

[Dinero49 39]

Hello, good morning. It is great news that traditional banks are getting closer to the world of cryptocurrencies. Bitcoin is unstoppable. The adoption of digital assets is spreading all over the world very quickly. In the United States, the Kraken exchange launched a crypto bank. In addition, there are more and more Bitcoin ATMs, and many businesses now accept crypto currencies to purchase goods and services. Best regards.

[TimopheyKa 3900]

This is very cool! As always, Europe is very pleasing to the eyes, because they always strive to develop in the crypto industry , put forward some new technologies, and go to the meeting of perfection! This is very cool! I believe that this can be a great success, and we can expect a great rise in cryptocurrency!

[Ridam 7455]

On 10/15/2020 at 6:36 PM, TimopheyKa said:

 and we can expect a great rise in cryptocurrency!

Yes @TimopheyKa this will give positive feedback to the other countries of Europe. As these days mass adoption is getting support from all around the globe, Europe is doing  most impressive among them. Personally I think future is with Crypto and Blockchain.

[Mella 3680]

I am also read more exciting news about JP Morgan bank that wants to begin trading of Bitcoin and use it on investments. I am very hoping to see this in action and we are need banks to enter the game load up and make Bitcoin fly to the moon.

[Rosarvx 965]

it's not good to trade crypto in banks, because investing in a bank comes with a degree of security are now jumping on board