Customers in switzerland can now send their cryptocurrency to their banks

[Jamesp2k]

Banks and other financial institutions pay very close attention to cryptocurrency, yet the vast majority of them are reluctant to take the plunge. A few of Switzerland’s top private banking institutions, however, are eager to facilitate cryptocurrency transactions.
Two of the banks are;

 Falcon Private BankBanks e a Change
 Maerki Baumann private bank

Customers  can now send their digital asset to the bank.

What's the implication?

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[khufuking]

It is always better to provide links with such news . If I am not mistaken with fast google search , falcon bank is an old news back in 2017 . But Maerki Baumann private bank is new one .

some links
https://www.swissinfo.ch/eng/business/game-changer-_swiss-private-bank-accepts-bitcoin/43328354 ( Falcon back in july 2017 )   
https://snbchf.com/2017/07/swiss-bank-accepts-bitcoin/ (Falcon in july 2017 )
https://toshitimes.com/second-major-swiss-bank-begins-accepting-crypto-deposits/

[squatter]

Double-edged sword. On one hand, banks will be (and are being) forced by the market to adopt cryptocurrency -- a clear response to heightening adoption.

On the other hand, this totally defeats the purpose of Bitcoin. I wonder how many people will eventually get screwed over by trusting banks to hold onto their peer-to-peer currency!

[Jamesp2k]

It is always better to provide links with such news . If I am not mistaken with fast google search , falcon bank is an old news back in 2017 . But Maerki Baumann private bank is new one .

some links
https://www.swissinfo.ch/eng/business/game-changer-_swiss-private-bank-accepts-bitcoin/43328354 ( Falcon back in july 2017 )   
https://snbchf.com/2017/07/swiss-bank-accepts-bitcoin/ (Falcon in july 2017 )
https://toshitimes.com/second-major-swiss-bank-begins-accepting-crypto-deposits/

This is the link. Its new https://www.livebitcoinnews.com/cryptocurrency-users-can-now-send-assets-to-two-swiss-private-banks/

[boolog]

This is very good news for people from switzerland. Hopefully, the banks in my home country will soon be ready to offer the same service. But what i ask myself are the crypto deposits somehow secured, if it comes to a hack or something?

[Vanes_brz]

in Switzerland, the banking business is very developed, it is not surprising that they decided on such a step, we hope that this will turn out to be a positive moment for the crypto currency

[amila_cs]

Double-edged sword. On one hand, banks will be (and are being) forced by the market to adopt cryptocurrency -- a clear response to heightening adoption.

On the other hand, this totally defeats the purpose of Bitcoin. I wonder how many people will eventually get screwed over by trusting banks to hold onto their peer-to-peer currency!

I agree with you, whole idea of cryptocurrency is to be decentralized and have no single governing organization. Satoshi wrote “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” — Bitcoin Genesis Block, so he believe bitcoin will force out banks some day. But until we see that day this is good for the growth of crypto in mid term

[frankforty]

this is the good news for Switzerland peoples now they can deposit cryptocurrency in the banks i think banks and financial institution are accepting cryptocurrency as like other fiat currency. i hope soon peoples can buy and sell bitcoin and other cryptocurrency directly from banks and no need any third party exchange and wallets.

[aoluain]

My thinking is that these are private banks offering solutions to their existing customers requests.
Wealthy customers who can afford to use a private bank rather than a mainstream one.
Wealthy customers who hold Bitcoin as part of their portfolio.

[BitcoinNewbie15]

Double-edged sword. On one hand, banks will be (and are being) forced by the market to adopt cryptocurrency -- a clear response to heightening adoption.

On the other hand, this totally defeats the purpose of Bitcoin. I wonder how many people will eventually get screwed over by trusting banks to hold onto their peer-to-peer currency!

Totally agree, however, as much as I hate to say this, one thing I do think is that trusted escrows are needed for crypto adoption. It can be too dangerous/complicated for the everyday joe to properly store and secure their own Bitcoin, even more so if they are technically illiterate. So they could lose their entire retirement fund in one fell swoop, which can be a problem. What I like though, is that using a trusted third party is totally optional. Bitcoin empowers the users so if they don't want to trust someone with their coins, they don't have to! As long as they know how to properly store their coins, they will be ok.

Either way, I think this is huge news! More and more banks will be adopting crypto in this way IMO, and this is wayyyy better than having a bank create their own centralized cryptocurrency.

[merchantofzeny]

Are there any particular recent news from Switzerland you are thinking about?

People should stop being surprised about the Swiss's attitude towards crypto. Being "neutral" especially when it comes to money is how they managed to get a good chunk of their income. If it's money, their bank would take it, even it's NAZI loots.

Rather than fight the trend, they're figuring out ways to keep on top of it.

Double-edged sword. On one hand, banks will be (and are being) forced by the market to adopt cryptocurrency -- a clear response to heightening adoption.

On the other hand, this totally defeats the purpose of Bitcoin. I wonder how many people will eventually get screwed over by trusting banks to hold onto their peer-to-peer currency!

Yeah, maybe still keep bitcoins in wallets that would never be used with the traditional banking system so the address can't be linked back to you. The "anonymity" is one of the main reasons people used it in the first place

[dangkhoasn]

Cryptocurrency is growing rapidly in European countries. Hopefully in the future cryptocurrency will also flourish in Asian countries...

[renes]

I think cryptocurrency does not need a bank you can store them in your own bank, that's much more secure and you are not vulnerable if you are smart enough.

[mostkey]

I don't like banks if they interfere in cryptocurrency issues, they will only seek profits in any form, it is clear that Bitcoin is designed for P2P systems so that it aims to secure all money with yourself without bank intervention to provide interest at any time, it is very difficult, the government often wants to connect banks to better manage the financial system in cryptocurrency.

[smnjms]

Isnt it ironic how banks are adopting crypto, yet one of the main reasons in for the rise of crypto was decentralization 

[BitCoinGuy10]

This is a really good move for the crypto scene according to me. More people will be interested when they will get to know that banks are also getting interested in working with cryptos. But the pull back here is that; the main objective of cryptocurrencies is to remove the necessity of going to any bank; so here it contradicts with the actual cause.

[eternalgloom]

I would never personally make use of a service like that. I'm not willing to give over control of my coins to anyone, especially not to a for-profit company like a bank.
What's the point of having Bitcoin if you're going to let someone else keep them? That's how I see it.

That's not to say that this couldn't be useful for some people, but I do wonder what happens if the bank that's storing your coins goes bankrupt.
Would they return your assets or do they get auctioned off to pay back creditors?

[darkangel11]

I would never personally make use of a service like that. I'm not willing to give over control of my coins to anyone, especially not to a for-profit company like a bank.
What's the point of having Bitcoin if you're going to let someone else keep them? That's how I see it.

That's not to say that this couldn't be useful for some people, but I do wonder what happens if the bank that's storing your coins goes bankrupt.
Would they return your assets or do they get auctioned off to pay back creditors?

Same here, especially since taxes in Switzerland are high and they are also taxing your income from Bitcoin, even if you lose the coins somehow or don't realize the profits.
I'd see this move as a way to spy on crypto users. The main problem of government agencies is to assign coins to IDs, so that in future they can track the coins and if any of them end up in an illegal business they will start knocking on doors of its previous owners. If you send coins directly to a bank you're literally signing them.

[chidrawarster]

It's indeed a good news for all the Crypto space we'll wishers. This way atleast banks will understand the volatility of btc and also the major setbacks as well in tandem. However., as long as banks are just concerned with their fees and all crypto space could afford that, rest they will charge from customers. I suggest everybody to just read the terms and conditions of banks before getting into crypto world.

[aso118]

Double-edged sword. On one hand, banks will be (and are being) forced by the market to adopt cryptocurrency -- a clear response to heightening adoption.

On the other hand, this totally defeats the purpose of Bitcoin. I wonder how many people will eventually get screwed over by trusting banks to hold onto their peer-to-peer currency!

Banks are not being forced by market forces to accept Bitcoin. They don't even act as custodians for people's cryptocurrencies. They just provide a way for people to take Bitcoin exposure.
Things will change when deposits and loans are made in cryptocurrencies. That will truly revolutionize the business model of financial institutions.

[Jannatul Shefa]

Still I didn't have heard about it. But if it has happened its really wonderful. In this way bank and government will understand the value of cryptocurrencies. The business of cryptocurrencies will reach a new high.

[kanayaTabitha]

hello friend, can you provide a news link? big news like this is very useful for us and for other countries to be able to study and develop cryptocurrency assets and hopefully be able to build a country's finances. I hope not only in Switzerland but in other countries too ...

[bitcoindiary]

This is good news for the people living in Switzerland. Now they can deposit their crypto currency in the banks. But the main of the crypto currency was not to be in the bank like fiat currency! It was designed to be decentralized and to secure money without the bank intervention. From my opinion; I am supporting the idea of bank.

[painkiller321]

It is great news for crypto users that they can transfer their digital assets in their bank accounts. Two of Switzerland’s private banks have allowed its customers to deposit their crypto coins in their accounts. Like these two banks; if other banks of other nations allow to deposit crypto coins then this market will get a big boost.

[thepers0n]

I think it is the great news for all users. Because there is first good news about the common solution between BTC and state financial system. I hope it will be a worldwide common practice soon

[gidaahmad]

Of course, it will facilitate crypto traders in Switzerland. In my country, there is no Bank that does this because the government prohibits transactions using Cryptocurrency.

[Miklight88]

This is a big sign to cryptocurrency and it growth, blockchain is a very unique technology that all financial institutions need in keeping their data base and for banks to be accepting the deposit of crypto asset is a save way that will make it grow.

[vv181]

It will highly become centralized, which it is ironic Bitcoin already been offering pseudo-anonym currencies, sending your coin to centralized entities will indirectly make it will be centralized. In the end, it contradicts with Bitcoin decentralized purpose.

[batang_bitcoin]

Some kind of old news.

That's likely to happen, they can't bitcoin as many customers like on how bitcoin can become a currency and as an investment at the same time.

A bank that adopts crypto gives an idea on what will be the future.

They can't beat it so they are joining and this is good for them for being a pioneer.

[MarioV]

Just this fact (Switzerland is unsurpassed for the management of the value/money with Israel) has made me even more convinced that the future will be that. We are still in time to be the forerunners of this world (not as first, but as seconds yes).

[Fortress12345]

Then it was a good news for them. They can send their crypto currency to the banks so it means they can use it to store their money but I think it is better to store your money on your own wallet that was safer.

[nussy]

The markets force will soon force the banks to accept cryptocurrency systems one way or the other, want every financial transaction now evolved on Crypto they will not have choice than to adopt it.
I will be more than glad to get more information on how those two banks adopt the process for customers to send in their cryptocurrency. Do the banks open a wallet for each customers or which methods do they adopt to make it easier to use and more transparent.

[SnapDown22]

Banks and other financial institutions pay very close attention to cryptocurrency, yet the vast majority of them are reluctant to take the plunge. A few of Switzerland’s top private banking institutions, however, are eager to facilitate cryptocurrency transactions.
Two of the banks are;

 Falcon Private BankBanks e a Change
 Maerki Baumann private bank

Customers  can now send their digital asset to the bank.

What's the implication?

a fairly positive development if it can happen maybe someday all countries can do the same thing and make investors feel easy and comfortable in investing

[Naficopa]

I think cryptocurrency does not need a bank you can store them in your own bank, that's much more secure and you are not vulnerable if you are smart enough.

Exactly, I don't understand why to send crypto to the bank. After all, the whole idea of crypto is independence from banks and decentralization. Will the crypto stored in the bank be more secure in this way? My wallet is my bank.

[nguyenhoven]

Banks and other financial institutions pay very close attention to cryptocurrency, yet the vast majority of them are reluctant to take the plunge. A few of Switzerland’s top private banking institutions, however, are eager to facilitate cryptocurrency transactions.
Two of the banks are;

 Falcon Private BankBanks e a Change
 Maerki Baumann private bank

Customers  can now send their digital asset to the bank.

What's the implication?

I would like to learn more info about what you mean by sending the crypto assets to the bank. Is the bank offering the crypto addrsses where the money can be deposited?

[angelakrasnova]

that banks are starting to implement bitcoin transactions - this is very good news! banks can offer a storage service, as well as a percentage of returns every month! This will have a very positive impact on the crypto currency market. A lot of banks have appeared all over the world which continue cooperation with the crypto world.

[Theresachinyere]

this would be one of the best news in the world of cryptocurrency.

[Akmaral ( Akee)]

It’s a great news. We all know Swaziland accept this market and they also support this market. I hope my country and banks will also accept this market.

[drm]

I like the support crypto is getting all of the sudden, but are we going to move towards centralization now though?  

[MISERICORDAE PROJECT]

Banks and other financial institutions pay very close attention to cryptocurrency, yet the vast majority of them are reluctant to take the plunge. A few of Switzerland’s top private banking institutions, however, are eager to facilitate cryptocurrency transactions.
Two of the banks are;

 Falcon Private BankBanks e a Change
 Maerki Baumann private bank

Customers  can now send their digital asset to the bank.

What's the implication?

The implication is that Falcon and Maerki Baumann banks are open to the positive potentials of Blockchain technology and can now count as part of the NEW global economy.

[Sexie]

Banks and other financial institutions pay very close attention to cryptocurrency, yet the vast majority of them are reluctant to take the plunge. A few of Switzerland’s top private banking institutions, however, are eager to facilitate cryptocurrency transactions.
Two of the banks are;

 Falcon Private BankBanks e a Change
 Maerki Baumann private bank

Customers  can now send their digital asset to the bank.

What's the implication?

https://cryptoslate.com/switzerland-scrambles-to-regain-cryptocurrency-friendly-status-as-banks-dissuade-crypto-businesses

This is awesome that Switzerland accept Bitcoin deposits.   But with restrictions that only those with kyc  and identifications are being accepted. This situation will be the beginning on How Banks adopt  Bitcoin. So meaning to say, anonymously can not send their bitcoin to the banks. In this process , Bitcoin transactions  fees Will be implies. Anyway, Bitcoin Will be safe  in the banks because of the kyc and the amount of crypto
that you have.

[alinalovedoogie]

As I know in Switzerland the banking system is very developed. So its not so surprising to me. I hope that it will turn out to be positive movement to the crypto currency.

[Sabana1952]

Seriously this is a good news for everyone in the world of crypto and this would encourage more people to invests more I thinka lot of banks have appeared all over the world which continue cooperation with the crypto world.

[coinwizard_]

I support it as it helps those that are not confident enough to secure their own coins. Be your own bank is only good for those that are happy enough to carry out transactions themselves with their own self secured wallets

[Beimere]

In my opinion that will force a lot of these banks' competitors to join the market and create a perfect healthy competition where all them would be trying to make the crypto space better. This will go a long way to normalize cryptocurrency in my opinion which is seen as illegal coins in many countries.

[Bere ice]

To be honest; banks cannot regulate BTC and that is one of the unique feature of the coin and explains why BTC gained so much popularity over the year. So; if banks come to participate in the market other competitors will also get interested which means chance for a mass adoption. But; bank regulations are definitely going to work as a pull back.

[KingScorpio]

Banks and other financial institutions pay very close attention to cryptocurrency, yet the vast majority of them are reluctant to take the plunge. A few of Switzerland’s top private banking institutions, however, are eager to facilitate cryptocurrency transactions.
Two of the banks are;

 Falcon Private BankBanks e a Change
 Maerki Baumann private bank

Customers  can now send their digital asset to the bank.

What's the implication?

cryptocurrencies where created to get rid of banksters not continue using them

[ClaytonLWils]

In Switzerland crypto market is legal and this countries bank are also accepts this market. It’s a great news for this industry. Now crypto will become more popular in the Europe.

[Bit poul]

Banks cannot work with or control BTC and that is one of the feature of the coin hence the popularity over the year. Bank particpation will lead to more accepatance hencerforth.

[Ghypatt]

This is a great news. It is an indication that the banks have started to see the positive side of Btc. I have always said that with time almost all will come to accept Btc and I think from the look of things, we are not far from that as more and more big companies and banks move into cryptocurrency.

[banks38]

Why in the f would you send your crypto to the bank?  I thought that's what we were trying to get rid of.  Sheep gonna sheep I guess.  Kinda makes me sad for the next generations. 

[stownbridge]

I WANT SWITZERLAND WILL BE IN THE FIRST RANGES FOR LEGALIZATION CRYPTUALITIES IN ALL SPHERES OF REAL LIFE. THE PERCEPTION OF INCOME IS THE TRADITION OF SUCCESSFUL PEOPLE

[Irvinn]

It is simply incomprehensible to send your crypto currency to the bank. It turns out, we sent
in the purse belonging to the bank, its crypto currency. And what is this, the usual storage, where will the bank respond if the crypto currency disappears, or is it deposited with interest payment? If deposited, on what terms?

[CrucialTechnology57]

It is the biggest good news i have ever hear because bank and bitcoin on the same track it is really surprising news. Really confident that bitcoin just going to make every impossible possible.

[Nurul_]

That's very good news, bro. because with the news like that can be an example to the world that bitcoin is not as bad as they think. and at the same time can make the name bitcoin and bitcoin prices become a little better

[abojamal]

Overall, the news is good
Despite fears of losing financial freedom
The market needs to more adopt for crypto

[easybtcearn2017]

Everything has its good and bad effect. If banks are taking a close observation to crypto currency and taking them in then it is surely good for those who invests in those currencies. But it will have a negative effect too. It will force the market to adapt with crypto currency which is not very famous around the world. Not many people know about it. Then again it is good because it will create awareness among the people about crypto currency which will eventually turn in as more investment in crypto currency which is I think both good and bad for the market.

[doodle07]

It is a great news for us here that cryptocurrency is being accepted by some banks in Switzerland and will soon be accepted by all, cryptocurrency might be legalize and use freely so I am hopeful that more countries will embrace the use of digital currency. Instead of banning it, just regulate it.

[ShutterTeeth]

That's a great news indeed especially for the Swiss users. I hope other banks of the world will develop this facility very soon so that there cryptocurrency user customers get  benefitted

[CripplesPlazma]

We all know that Switzerland has always been keen when it comes to the crypto market and the participation of the banks in the crypto is no surprise as well. But there is no source or links which will suffice that this news is true or not. So; we cannot rejoice just as yet.

[Eatund79]

Well  this is a good news for the Swiss. Also we are aware that how accepting the Swiss government is towards crypto so it is not a surprise to see the bank's participation in it; but it would have been better if the source of the news was provided too.

[andika2018]

Banks and other financial institutions pay very close attention to cryptocurrency, yet the vast majority of them are reluctant to take the plunge. A few of Switzerland’s top private banking institutions, however, are eager to facilitate cryptocurrency transactions.
Two of the banks are;

 Falcon Private BankBanks e a Change
 Maerki Baumann private bank

Customers  can now send their digital asset to the bank.

What's the implication?

If banks accepting digital asset deposit, i think its good news for crypto adoption. If we can deposit our digital asset, we can pledge our digital asset for loan. Its like we have an asset like gold and we deposit it to banks and put our digital asset as collateral

[Tallay]

Switzerland is really a crypto friendly country from the starting of this market. Now it has again done a great work that will make the crypto currency market more popular and this will make the transaction of crypto currency easier.

[hajimasan]

Banks and other financial institutions pay very close attention to cryptocurrency, yet the vast majority of them are reluctant to take the plunge. A few of Switzerland’s top private banking institutions, however, are eager to facilitate cryptocurrency transactions.
Two of the banks are;

 Falcon Private BankBanks e a Change
 Maerki Baumann private bank

Customers  can now send their digital asset to the bank.

What's the implication?

This is really a good news for the whole Cryptourrency users , because in these days everything week it is usual for us to got negative news regarding cryptourrency use , so in this situation this news will work as a boosting agent for the grow of cryptourrency market .
Now here we need see that how much we are able to make grow more in our own country by making lots of support to the cryptocurrency by the social media power by marketing and discussion in positive feedback .
And also in many countries many banks are looking to implement technology of the cryptocurrency algorithm to the banking system , so that they can make Thier Banking system more better than what we have today in present time with simple banking system .
Hope we will see lots of new new things in the future with cryptourrency with banks , and in that way we will be able to use cryptourrency for the every domestic works of buy/sell , but surely this will take long time and we also need to keep patience .

[InboundMercury]

This kind of news is always a desired news for all the crypto users and Switzerland got the first opportunity to filling the dream of the users.

[happyme1818]

Banks and other financial institutions pay very close attention to cryptocurrency, yet the vast majority of them are reluctant to take the plunge. A few of Switzerland’s top private banking institutions, however, are eager to facilitate cryptocurrency transactions.
Two of the banks are;

 Falcon Private BankBanks e a Change
 Maerki Baumann private bank

Customers  can now send their digital asset to the bank.

What's the implication?

Bank in Switzerland are futuristic bank, they know that it is a waste of time fighting inevitable change. Instead of fighting they know that they can take advantage of the situation by adopting it early. That way the trust of their client would be strong and they have option whether they deposit fiat or cryptocurrency.

[tanginamoo]

I am always glad hearing and reading these kind of positive feedback about cryptocurrency. Because it is an evidence that proves the bitcoin is developing.

[Privatoria]

Despite the fact that not such large banks offer such opportunity, this is good news, indicating that in Switzerland it is possible to use cryptocurrencies more freely than in other countries. Taking into account very big importance of this country as a financial giant, it is very good news.

[Geemy]

Great news, but is there a source?
In general, if the news is true, it will increase people's knowledge of digital currencies and help spread them

[jayveerastrullo]

Well this isn't new for some countries. Bitckin has been legal for some banks on their own country because they know that it is another way to nake the business boom. But still i hope that we can transfer bitcoin to any bank we want worldwide because this would be a great thing for travelling.

[arthotdog]

It is always better to provide links with such news . If I am not mistaken with fast google search , falcon bank is an old news back in 2017 . But Maerki Baumann private bank is new one .

some links
https://www.swissinfo.ch/eng/business/game-changer-_swiss-private-bank-accepts-bitcoin/43328354 ( Falcon back in july 2017 )   
https://snbchf.com/2017/07/swiss-bank-accepts-bitcoin/ (Falcon in july 2017 )
https://toshitimes.com/second-major-swiss-bank-begins-accepting-crypto-deposits/

Thats the problem with those members here that only wanted to gain merits,trying to take other post to make sense but the problem is old topics are easy to detect so better watch out

I have read that same topic and i know that this is not the first time this was been tackled

[Ava Duvall]

this is the good news for Switzerland peoples now they can deposit cryptocurrency in the banks i think banks and financial institution are accepting cryptocurrency as like other fiat currency. i hope soon peoples can buy and sell bitcoin and other cryptocurrency directly from banks and no need any third party exchange and wallets.

Avoiding 3 parties is probably best, many problems are avoided

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[jiniyaakter]

This is good news, indicating that in Switzerland it is possible to use cryptocurrencies more freely than in other countries. It will force the market to adapt with crypto currency which is not very famous around the world.