The business of cryptocurrency custody is getting more competitive and lucrative by the day. The most recent announcement has come from Switzerland, where local family-owned bank Maerki Baumann announced on May 29 that it had expanded its cryptocurrency services through the introduction of crypto custody and trading. The private bank first announced its crypto initiatives in 2019 by extending business account services to blockchain companies.
Thanks to regulatory approval from the Swiss Financial Market Supervisory Authority, Maerki Baumann will initially offer trading and custody services on five major cryptos including Bitcoin, Ether, XRP, Bitcoin Cash and Litecoin. The bank’s announcement came a month after the Capital Markets and Technology Association, also based in Switzerland, published a common industry standard for the management and custody of crypto assets.