Private Swiss-based bank Falcon will support direct transfers, as well as storage for certain cryptocurrencies. To do so, the bank launches its own segregated cryptocurrency wallets.
Falcon Launches Cryptocurrency Wallet
Falcon was first authorized to manage digital assets in July 2017 after managing to obtain approval from the country’s financial watchdog – the Swiss Financial Supervisory Authority (FINMA).
In an attempt to reaffirm its position as a first market mover, the private bank is now enabling its clients to transfer cryptocurrencies to and the bank’s “segregated Falcon wallets”. At the same time, both private and institutional clients will be able to convert digital assets into fiat money.
Speaking on the matter, Martin Keller, CEO at Falcon Private Bank, outlined:
Falcon has once more seized the opportunity to demonstrate its expertise as a market leader in the digital asset space by merging traditional banking services with innovative financial solutions.
Bitcoin “Fully Bankable”
According to the official release, the bank’s cryptocurrency wallets will support Bitcoin, Bitcoin Cash, Ether, and Litecoin for direct transfers.
Purportedly, this new release will make the selected blockchain assets “fully bankable”.
In addition, the cryptocurrency wallets will abide by the rigorous anti-money laundering and know-your-client (AML/KYC) regulations. The release also claims that the custody solution has been reviewed and audited by independent providers.
On the matter of custody, it’s important to note that just a few days ago on January 14th, Zurich-based private investment bank Vontobel launched its own cryptocurrency custody solution aimed at asset managers and banks.
What do you think of Falcon’s move to provide its own cryptocurrency wallet and fiat conversions? Let us know in the comments below!