Earlier in this year, a bank from Switzerland ‘Hypothekarbank Lenzburg’ became the first bank in the country to provide services for the blockchain and crypto related industries and now its the second bank that has come forward with the same motto.
As per a recent report from a local news channel ‘International Investment’ a private Zurich bank ‘Maerki Baumann’ has decided to legalise crypto assets as a form of payment. To support the existing crypto community in the community along with giving a new market some space to flourish, the local news channel writes this acceptance as the Zurich city noted that they are currently not ready to support digital currencies directly but rather than helping in an another way would be providing assistance to the users interested in the crypto ecosystem.
Further stating of his incident the bank added:
“We currently see cryptocurrencies as alternative investment vehicles, but we have limited experience and data (prices, volatility, trading volumes) available in our house.”
However, the bank rather not suggest larger investments in cryptocurrencies stating:
“Crypto currencies are not, in our estimation, suitable for long-term investment due to the uncertainties outlined above.”