At a time when traditional businesses are stagnating, it is time to turn to new markets. True to this motto, Swiss private bank Maerki Baumann is open to the bitcoin and blockchain sector. The Zurich-based company Geldhaus has set itself the goal of becoming "the leading private bank of the Swiss crypto-arena".
As Swiss Info reported, it was not good for the 87-year-old Swiss bank. In addition to a difficult competitive situation and declining profit margins, it is above all the obsolete clientele that has worried the management. From this initial situation, the bank decided to look for "alternative sources of income". According to Stephan Zwahlen, CEO of Maerki Baumann, the news of the bank's interest in Bitcoin and Co. has sparked an unusually broad reaction:
We suddenly had 400 people who wanted to talk to us. And it was the kind of people we had not had access to for 10 years with traditional private banking services. We discovered that they were generally between 30 and 40 years old, that they were very well educated and endowed with an entrepreneurial mentality.
Maerki Baumann wants to become the first bank of crypto-clients
In his efforts for the cryptography sector, Maerki Baumann took advantage of another circumstance. According to Zwahlen, it is still difficult for cryptographic companies to find a financial institution in Switzerland. The private bank has therefore decided to offer corporate accounts for cryptographic start-ups. In addition, she assists start-ups in the implementation of security token offerings. The establishment of external storage for Bitcoin and Co. is also planned for the coming year.
Maerki Baumann also wants to offer services to future investors in private cryptography. These could include investment advice and asset management. Mr. Zwahlen said he is optimistic about the future of this business: "I think digital assets such as crypto / blockchain can become even more important than our traditional private banking business, especially in terms of of growth of the asset. "