Switzerland is going to have its cryptocurrency wave, as a notable bank in the country is stepping into the crypto zone soon. Swiss private bank Falcon has announced that it is going to provide support for direct transfers of selected cryptocurrencies. The service is for both individual and institutional clients.
The bank has recently introduced the ability to directly transfer cryptocurrencies for its user base. Falcon is enabling the conventional banking features for some of the crypto assets. These conventional banking features were only used with fiat deposits previously. The announcement notes that thanks to the upgradation, private and institutional clients are now able to directly transfer cryptocurrencies to and from the institution’s own ‘segregated Falcon wallets’. One can also convert the crypto funds into fiat money using them. Reportedly, the Swiss-based bank will only support four major cryptocurrencies namely Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC), according to the press release.
Falcon claims that it has made digital assets fully bankable with this recent launch of service for cryptos. The bank went on to add that customers can also use e-banking or a dedicated relationship manager to place trading orders without any hassle. Elaborating on the new offering, CEO at Falcon Private Bank, Martin Keller stated, “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.”
Notably, now cryptocurrencies will be considered in tax reporting documents and portfolio statements. The bank is quite concerned about the security. It emphasizes that it will take every step to make the whole process safe and foolproof. It implements the AML and KYC laws along with taking care of the regulations. The bank aims to build a robust and secure system. The financial institute also confirms that Falcon’s custodial service has been examined by third-party providers.
The bank states in the press release that Falcon Private Bank has proved itself as the leader and pioneer in the blockchain space by allowing direct transfers of selected cryptocurrencies. Falcon Private Bank was the first bank to receive approval from the Swiss Financial Supervisory Authority (FINMA) to operate digital assets in July 2017.