As it is obvious, the world will overcome a global crisis that will create a devaluation of currencies that are normally used by banks. Switzerland is aware of this situation. It started to make a change for accepting cryptocurrencies in Swiss private bank by the name Maerki Baumann. Also, the flying industry already took a big hit before. The secondary problem is about millions of people loosing their jobs in this industry.
Air carriers to lay off about 100,000 people together, millions of people to lose their jobs in connected sectors
According to analysts at the International Aviation Agency (IATA), airlines will lose about 100,000 employees worldwide due to the coronavirus crisis. Job losses in related sectors and industries can then go up to millions. And according to the agency’s analysts, passenger air transport will not return to pre-coronavirus levels until 2023.
United Airlines is considering firing up to 36,000 employees from individual companies. Management said that after a brief recovery, travel demand is now stagnating again. American Airlines and Delta have also announced the dismissal of tens of thousands of employees. Twenty thousand are likely to release Asia’s largest low-cost airline, Air Asia. Lufthansa announced that it has about 22,000 employees. British Airways will reduce its numbers by 12,000 people, EasyJet will lay off 4,500 people, Smartwings around 600.
Major manufacturers also announced the redundancies. Airbus will be reduced by about 15,000 and Boeing by approximately 16,000 employees. The Brazilian Embraer or the Italian-French manufacturer of smaller ATR machines will also be released.
The Swiss bank is launching cryptocurrency services
Maerki Baumann, a Swiss private bank, has decided to expand into cryptocurrencies. It is offering its clients two more tools to enter the world of cryptocurrencies. Specifically, these are services in the field of trading and storage and possession of cryptocurrencies.
The company represents a family bank, which it is not appearing on the burse for interest. However, the regulations are equally affected. To launch these services, it was necessary the approval of FINMA, the Swiss Financial Market Advisory Authority. However, it has gained this in recent weeks, so trading and custody services for its clients will start in June 2020.
Long-term plan
The bank commented on the launch of the new services to fit perfectly into their strategy, which they came up with at the beginning of 2019. In the beginning, it also included, for example, offering business accounts for companies operating in the blockchain business. Besides, they also helped startups to implement ICOs and STOs. When launched, we will see the possibility of trading five cryptocurrencies on the Maerki Baumann platform. Specifically, it will be bitcoin (BTC), ethereum (ETH), Ripple (XRP), bitcoin cash (BCH), and litecoin (LTC).
They also promised soon to add support for ERC – 20 standard token trading. The company will use its long-standing partners to enable these new crypto tweaks, led by, for example, Indore Bank AG, which focuses on transactions. Also, it should use some of the professional cryptocurrency brokers and liquid cryptocurrency exchanges. But we don’t know the specific names yet.
