Swiss private bank Falcon has introduced direct transfers of select Cryptocurrencies for both private and institutional clients according to a Press Release released on January 21st.
50-year-old Falcon private bank will allow direct transfers of Cryptocurrencies “to and from segregated Falcon wallets” and also allows its clients to convert their Crypto to fiat hence making the assets “fully bankable”.
The Falcon wallet currently supports four Cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum (ETH). Falcon claims to have a proprietary custody solution audited and reviewed by independent providers.
In addition the bank also its clients to include digital assets portfolio statements as well as tax reporting documents. Falcon also boasts of being compliant with the local KYC and AML regulations.
Martin Keller, CEO Falcon Private Bank said:
“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.”
Falcon claims to be the first mover in Blockchain banking and is doubling down on Cryptocurrencies. The Zurich based bank first obtained approval from Swiss regulator FINMA in 2017 for Bitcoin asset management.
FINMA recently published Fintech guidelines for Blockchain and Crypto based companies starting 2019. According to FINMA, the guidelines have “relaxed requirements” and allows companies to accept public deposits up to $100 Million.
Image Source: Flickr
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