The Rise of Blockchain Banking
In a surprising turn of events, Maerki Baumann has seen a wave of enthusiasm for blockchain offerings, welcoming a staggering 400 new clients ready to dive into the crypto world. The Swiss private bank, based in Zurich, has recognized the potential of this revolutionary technology to reinvigorate its business.
A Shift in Client Dynamics
According to CEO Stephen Zwahlen, the bank’s commitment to launching a crypto division has fundamentally altered the client acquisition game. “In our traditional business, we usually have to run after each client. It’s rather rare for clients to just knock on our door. But suddenly, we had 400 people wanting to talk with us!” This floodgate of interest has opened doors to clients the bank had previously found challenging to access—educated, entrepreneurial clients aged between 30 and 40.
Aiming for the Crypto Crown
Zwahlen has set an ambitious goal for the institution: to become the premier private bank for crypto banking in Switzerland. He expressed his frustration about local innovative companies having to seek banking services in Liechtenstein, stating that the Swiss financial landscape deserves to better serve its own innovators. He emphasized, “Many of them represent a great opportunity to further develop our financial centre.”
Plans for Service Expansion
With a board-approved plan rolled out in March, Maerki Baumann’s initial focus lies on providing business accounts and guidance for firms that are launching security token offerings. By early 2020, the bank aims to forge partnerships with crypto specialists to facilitate outsourced storage and trading services for Bitcoin and beyond.
Looking Ahead: Crypto vs. Tradition
As the bank delves deeper into the crypto realm, Zwahlen predicts that the new digital assets could eclipse traditional banking services in terms of asset growth. He stated: “I would expect over time that digital assets such as crypto/blockchain might even take on a greater significance than our traditional private banking business.” Yet, he clarified that Maerki Baumann does not intend to hold Bitcoin directly on its books, opting to outsource trading, clearing, and settlement processes to maintain a stable risk profile.
The Crypto Banking Landscape
The story of Maerki Baumann is reminiscent of other Swiss banks venturing into the crypto space, such as Hypothekarbank Lenzburg, which took the pioneering step to offer enterprise accounts for blockchain and crypto-related fintech companies back in summer 2018. With this trend growing, the future of crypto banking in Switzerland looks incredibly promising.
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