Swiss bank Falcon is now the first private bank in the country to introduce direct transfers of selected cryptocurrencies for both private and institutional clients. The bank made this announcement yesterday as it strengthens its first-mover position in blockchain banking.
Falcon enables traditional banking features with cryptos
The bank revealed that it would allow its high-value clients to use the traditional banking features with cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The bank stated that “Falcon Private Bank reaffirms its first-mover position in blockchain banking by accepting direct transfers of selected cryptocurrencies. With immediate effect, private and institutional clients can directly transfer cryptocurrencies to and from segregated Falcon wallets, as well as convert them into fiat money. This new offering from Falcon makes blockchain assets fully bankable.”
Falcon added that its clients could place trading orders conveniently through e-banking or via a relationship manager. Digital assets have been added to the portfolio statements as well as tax return documents. The bank also assures its clients of secure storage with their proprietary custody solution.
The client base of Falcon are mostly large institutions and extremely wealthy individuals. The bank is also introducing wallets that clients can use to transfer digital currencies to and from other exchanges. The wallet can also be used directly to trade crypto to fiat and back.
The bank will offer the services while ensuring that it doesn’t break any laws. It stated that “The bank has developed a process that ensures full compliance with AML (anti-money laundering) and KYC (know your client) laws and regulations. Falcon’s multi-level protection covers hardware, software and the transaction process. Our custody solution has been audited and reviewed by independent providers.”
Switzerland continues to be one of the leading cryptocurrency countries in the world. The crypto sector in the country sets the trend in terms of crypto development, and this might continue for a while. Falcon is in the city of Zug, home to Crypto Valley, the crypto sector’s Silicon Valley.
The services offered by Falcon are for large institutions and wealthy institutions. However, there is an expectation that similar banking features will be made available to the average traders and institutions.
Martin Keller, CEO Falcon Private Bank, concluded that “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.”