Swiss Bank Got Approved for Crypto Trading

[Ridam 7455]

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/

Edited August 13, 2020 by Ridam
Information missed

[BTC Future 3946]

Are these banking custodial services securing the crypto they will be holding? If something happens and they lose them will they pay back their investors? 

Anyway, I am not going to trade crypto using any bank. They will be holding the keys and they will be asking for high fees. Perhaps institutions that are restricted to certain investments may use them and they won't mind paying the fees.

[Ridam 7455]

7 hours ago, BTC Future said:

Are these banking custodial services securing the crypto they will be holding? If something happens and they lose them will they pay back their investors? 

Anyway, I am not going to trade crypto using any bank. They will be holding the keys and they will be asking for high fees. Perhaps institutions that are restricted to certain investments may use them and they won't mind paying the fees.

I haven't got much information though i had read many articles about it. So I'm not sure about the private keys, maybe they will keep it and for security as they are registered under FINMA sure they would pay the loss if anything bad happens. And they mentioned that the order placed within the trading of banks will be transferred to the world leading and most liquid exchange for faster transaction. 

But at least they are going for Crypto and they are taking the risk by trying such services at first and may be in coming days they would get more supporters and it may reduce the trading fees too.

[Raqeebzy 6456]

I have been thinking how the banking system will be able manage the risk of trading cryptocurrency. Obviously, they can't cope with decentralisation and funds being controlled by the real owners without vigorous customer verifications and enormous charges. When they begin full operations, we'll have a look at the operations.

[P A Ashif 2409]

Now we can imagine about the mass adoption  I guess. Now more people will join crypto world. Swiss bank had adopted crypto so big companies and businessman can now think of coming to crypto field. This news must reach to everyone. When the big financial institutes accept crypto it has a great affect on public.

[Moaz 7239]

I think that there are many banks in the world, especially in Switzerland and the United States, that are planning to enter the world of crypto because they have realized the importance of encryption in the new global economic system and this will contribute to increasing  number of cryptocurrency users significantly, but I expect these banks to impose taxes High for crypto users, which is bad in my opinion

[koussai999 1986]

I am ready with much joy and pleasure, and I believe that the banks' doing such a matter encourages investment in cryptocurrencies and at the same time increases the price of cryptocurrencies and profits for many investors

[Cryptonym 54]

16 hours ago, 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.

This is one of the proofs that crypto currency is already making their way to occur a mass adaptation and if it happens, all the crypto users will surely have a party.

[Yomose 3704]

32 minutes ago, Cryptonym said:

This is one of the proofs that crypto currency is already making their way to occur a mass adaptation and if it happens, all the crypto users will surely have a party.

Not adaptation but mass adoption, and it is correct. This kind of news is not new to me again, I am expecting new all time high in price, marketcap and adoption by people because positive crypto news are common in this these era. 

[MuhammadSh 3067]

When we see more banks and governments accept using cryptocurrencies in their transactions so we can can say that this crypto world will has a bright future! these are really good news for each one believe in this crypto world.. but there any still many banks against this cryptocurrencies project and they think that it affects badly on the current financial international system! so let's wait and see what they would do in the near future..

[Syedbesharat 5423]

Coming in to crypto of banks is a good news but what they offer is matter mostly .Where the people look more advantages like double layer protection,interest rate,price up & down,coin/ token selling buy.Many factors must be considered by people before deposting their crypto assets in banks.When the bank gives time good service and benefit people will automatically go for it.

[benalmoh88 1500]

it's good when we hear some bank in the world accept crypto currency, and any one can trade in the bank with strong coin like etheruem and ripple, i hope in the future hear for all world bank will using crypto currency because it's the future money

[Ridam 7455]

On 8/9/2020 at 10:42 PM, Raqeebzy said:

I have been thinking how the banking system will be able manage the risk of trading cryptocurrency. Obviously, they can't cope with decentralisation and funds being controlled by the real owners without vigorous customer verifications and enormous charges. When they begin full operations, we'll have a look at the operations.

Yes the regulation of Crypto through a bank would be a risky and new things for us as upto now trading hasn't been one of the focus of the banks. Banks would be holding our kyc and private keys as well in mine opinion so decentralisation doesn't completely exist there. But at least they are trying to deal which is biggest achievement in mine opinion.

[Whited35 15285]

There is already Bankera (modern bank account alternative) which is offering the similar services. Currently, it is allowing  European IBAN accounts to have SEPA transfers but users from outside Europe, still have to wait for SWIFT transfer alternative.If that bank Maerki Baumann is allowing users to have cryptocurrency exchange features, I think it is there also to hold users' assets by returning certain percentage, right ? 

Edited August 11, 2020 by Whited35

[Honny143 13612]

On 8/10/2020 at 8:17 PM, benalmoh88 said:

it's good when we hear some bank in the world accept crypto currency, and any one can trade in the bank with strong coin like etheruem and ripple, i hope in the future hear for all world bank will using crypto currency because it's the future money

You're right now so many countries banks start working with crypto currency, because banks know the value of crypto past couple of months, we hears so many big countries gives positive opinion means they're interested in crypto, in this situation banks not adopt crypto then they loss so many user's, that the reason now banks adopting crypto now crypto revaluation begins, in few years we see majority of banks adopt crypto and work together.

[Omar Ommeish 4872]

I think that all banks will accept to deal in cryptocurrencies in the future in order to be in line with the technology of the future and for me, I am ready to trade Bitcoin using my bank account.

[Calvinpriva 17296]

It's good to see how banks are adopting cryptocurrencies because this was a hard thing for a long time but now many of them are now adopting crypto. But for me i see it's not good to trade crypto in banks, because we will have limitations that we don't have in trading platforms.

[Guru2050 8284]

We expect so many banks to emulate and embrace this kind gesture made by Swiss government, gradually Crypto is gaining more appreciation from the public especially, companies and other countries.

[Zues 1069]

Many people are trying to push the boundaries of what cryptocurrency can do and I think that it is great that there are banks that want to have cryptocurrency trading and I hope that it will spread throughout the world and become a staple in banking. 

[BrolySSJ 7899]

I think that the fact that banks are now offering crypto and trading services is a great thing for the crypto world, because investing in a bank comes with a degree of security and perhaps this is what will lead to insurance of the crypto that you own through the bank. Furthermore, in my opinion i think that many banks are now jumping on board with crypto for one main reason, and that is that the use of crypto continues even without the bank and therefore they may as well accept it and profit from this as well. hopefully this sparks similar developments in other countries to expand the use of crypto globally. 

[Ridam 7455]

On 8/24/2020 at 10:36 PM, Calvinpriva said:

It's good to see how banks are adopting cryptocurrencies because this was a hard thing for a long time but now many of them are now adopting crypto. But for me i see it's not good to trade crypto in banks, because we will have limitations that we don't have in trading platforms.

Yes that's the initial approach from the banks and they are showing their interest. At the moment there seems to be limitations with trading from banks and the service may differ from what we are getting from exchanges online. But we must be sure that the adoption has started and everyone is now targeting Crypto currency which is great news. And while this thing grows the service that trading through banks provide would be more Innovative and similar to Exchanges.

[rekter 8129]

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.

[Mwangi 5611]

This is one that can work perfectly for me , when I see this kind of news and in the end there is something proper for us to really get into the work we do is usually the source of so many things and in the end this is what we love and the good information news like this encourage us to believe we are headed in the right direction

[Izeal 4404]

I think this is very good news because even swiss bank approved for crypto trading then we can see different banks approving for crypto trading because every one wants new technology and different methods and cryptocurrency is the new technology of the money like virtual money.

[CryptoDemon 370]

On 8/26/2020 at 8:44 AM, HodlKiddo said:

I think it is good to hear that Banks are now realizing the importance of cryptocurrencies, in which they ignored for the past decade. This is a good start as it might create a domino effect and other banks may follow its lead. Though of course there would be a lot of questions regarding security and safety of our cryptos if will put it on the banks. But still, this is really a good news!

Just like in the France, there are newly built banks that is mainly use for crypto currency because France realized that crypto currency can help their economy better.