The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Traditional European Banks Integrating Bitcoin and Crypto Into Banking Services

by Daily Hodl Staff
August 8, 2018
in Bitcoin

Traditional European financial institutions are integrating Bitcoin and cryptocurrencies into their services. Switzerland, Germany and Liechtenstein are at the forefront with Maerki Baumann & Co. AG, Falcon Private Bank and Bank Frick serving clients in crypto-related businesses and services.

Switzerland

Zurich-based Maerki Baumann & Co. AG has announced that it will be accepting cryptocurrencies, according to a report by International Investment. The bank serves private clients, institutional clients and external asset managers.

Due to money laundering regulations and concerns, most banks are rejecting cryptocurrency deposits. To limit the scope of origin and the due diligence involved in tracking the source of the digital assets, Maerki Baumann is accepting crypto deposits only from payments received for services rendered, including mining.

International Investment reports,

”Maerki Baumann closely monitors the development of these investment vehicles and the underlying regulation without our commitment to engage in this area. This concerns investments in cryptocurrencies as well as the technologies required to trade and store these instruments. We currently see cryptocurrencies as alternative investment vehicles, but we have limited experience and data (prices, volatility, trading volumes) available in our house,’ the bank said in a statement.”

Maerki Baumann joins Swiss bank Falcon Private Bank which began accepting crypto deposits in July. Michael Helbling, head of Falcon’s crypto desk, said in the roundtable interview with The Business Times that the bank has seen “tremendous interest.”

[the_ad id="42537"] [the_ad id="42536"]

Falcon’s move into crypto is a bit more fraught as the bank is just sailing through a rebranding following the multibillion-dollar 1Malaysia Development Berhad (1MDB) embezzlement scandal. A Swiss investigation continues, implicating Falcon as failing to report and repossess $1.27 billion in suspicious deposits linked to Malaysia’s 1MDB.

Maerki Baumannk, on the other hand, was named “Best Swiss private bank” by the business magazine “Bilanz” in 2017.

Liechtenstein

Bank Frick of Liechtenstein launched a crypto trading platform back in February, listing Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash. Cryptocurrencies can be purchased with euros, US dollars and Swiss francs. In addition to the fiat pairs, Bank Frick also offers custodial services for its clients, who are primarily professional market participants and financial intermediaries. Crypto assets are kept in cold wallets.

Fully regulated under Liechtenstein and European (EU/EEA) law, Bank Frick clients can only invest in cryptocurrencies once they have been fully identified and verified. The bank says that the verification and identification process also involves checking the origin of the money used to invest in the cryptocurrencies.

“Our services are in demand from companies across the whole of Europe. This is because they know that we can offer them reliable support in implementing their business models with cryptocurrencies and blockchains in line with the existing regulatory framework,” Chief Client Officer Hubert Büchel explains. “We aim to place crypto-banking on at least the same level of quality as traditional banking.”

Family-owned and operated since 1998, Bank Frick is the only bank in Liechtenstein with acquiring licenses from Visa and MasterCard.

Like small banks in the US that have been finding strategies to accept local clients, usually small businesses that are generating revenue in cryptocurrencies, European banks see a business opportunity and they’re moving to compete in the space.

Related: German Stock Exchange Launching Crypto App for Mainstream: Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • DPAT Raises Private Funding To Enhance Web 3.0 Ecosystem
    June 2, 2023
  • Pink Moon Studios Reveals ‘KMON: World of Kogaea’ Pioneering a New Era in Web 3.0 Open-World Gaming
    June 2, 2023
  • OKX Proposes Industry-First BRC-30 Token Standard To Enable Bitcoin and BRC-20 Token Staking
    June 2, 2023
  • Devour and AlterVerse Partner To Bring the World’s First Web 3.0 Food Ordering Marketplace to the Metaverse
    June 1, 2023
  • Bumper’s Breakthrough DeFi Protocol Set To Reshape Options Pricing
    May 31, 2023
  • MetaZone Secures Funding To Expand the World’s First Tokenized App Platform for the Metaverse
    May 30, 2023
  • The QWAN Launch – A Token for the Global Gaming Industry
    May 30, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,207.29
$27,207.29
0.03%
Ethereum
$1,900.17
$1,900.17
0.27%
Cardano
$0.38062
$0.38062
1.05%
XRP
$0.535412
$0.535412
2.74%
Dogecoin
$0.072816
$0.072816
0.05%

Spotlight

  • Analyst Known for Calling Bottoms Predicts 2019-Style Bounce for Bitcoin (BTC) – But There’s a Big Catch
    May 28, 2023
  • Arthur Hayes Says Explosive Times Ahead for Bitcoin and Financial Markets as US Debt Deadline Approaches
    May 28, 2023
  • Former Goldman Sachs Executive Says ‘Clear’ Bull Trend About To Manifest for Crypto and Technology Stocks
    May 28, 2023
  • Here’s What’s Accelerating De-Dollarization Trend, According to Macro Guru Lyn Alden
    May 28, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl