Switzerland-based Falcon Private Bank announced the launch of cryptocurrency wallets. With thise move, the bank strengthens its first-mover position in blockchain banking by introducing direct transfers of selected cryptocurrencies.
With immediate effect, the bank’s private and institutional clients can directly transfer digital currencies to and from segregated Falcon wallets, as well as convert them into fiat money. For direct transfers, Falcon currently accepts Bitcoin, Bitcoin Cash, Ether and Litecoin.
In a statement, the bank said its clients can place trading orders conveniently through e-banking or a dedicated relationship manager. Digital assets are included in portfolio statements as well as in tax reporting documents. Falcon also provides secure storage thanks to its proprietary custody solution.
Falcon in 2017 had received authorization from the Swiss Financial Supervisory Authority FINMA to manage assets based on the Blockchain technology.
The Swiss financial regulator recently released new guidelines to Blockchain, Cryptocurrency startups for obtaining FinTech license that would allow them to handle public deposits of up to 100 million Swiss francs or around $100 million.
In November, FINMA had issued Switzerland’s first crypto license, which targeted crypto asset investment funds.
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