Falcon, a private bank from Switzerland announced on January 21 that it is launching support for direct transfers of select digital currencies.
The service will be available to both private and institutional clients of the bank.
The First Mover in Crypto
Falcon is the first private bank in Switzerland to take a bold step towards cryptocurrencies.
It will be providing support for Litecoin, Bitcoin, Bitcoin Cash, and Ether.
In a blog post, Litecoin.com noted:
“Falcon strengthens its first-mover position in blockchain banking by introducing direct transfers of cryptocurrencies.”
The service will be available with immediate effect as clients are now able to hold and transfer their crypto assets in the Segregated Wallets of the banks.
Falcon wallets will also allow users to convert crypto into fiat. With this new offering, Falcon intends to make blockchain assets “fully bankable.”
The bank’s CEO, Martin Keller said about the new service:
“Falcon has once more seized the opportunity to demonstrate its expertise as a market leader in the digital assets space by merging traditional private banking services with innovative financial solutions.”
What Will Falcon Clients Gain?
The bank’s clients can now place trading orders online or talk to their relationship managers.
All digital assets will be included in tax reporting documents and portfolio statements which provides yet another form of integration.
The bank will store the users’ assets with their proprietary custody solutions. It will provide multi-level protection that will cover the transaction, hardware, and software.
The custody services have been audited and reviewed by independent providers.
The bank has also developed a process to remain compliant with the KYC/AML laws of the country. It was approved by the Swiss Financial Supervisory Authority (FINMA) to manage blockchain-based assets in July 2017.
The bank has headquarters in London, Dubai, and Luxemburg and Zurich.
