Swiss bank Falcon introduces direct transfer of cryptocurrencies
In an interesting development which points towards growing acceptance of cryptocurrencies and blockchain, Swiss bank Falcon announced on Monday that it has introduced direct transfers of selected cryptocurrencies for both private and institutional clients. As per the press release, Falcon Private Bank has reaffirmed its position as the leader and pioneer in the arena of using blockchain banking by accepting direct transfers of selected cryptocurrencies.
After the announcement, with immediate effect private users private and institutional clients can directly transfer cryptocurrencies to and from segregated Falcon wallets, as well as convert them into fiat money. This new move makes digital assets fully bankable.
To start, Falcon reportedly only supports four major cryptocurrencies, Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC), the press release notes.
The press release further goes on to add that customers can now place trading orders conveniently through e-banking or a dedicated relationship manager. Digital assets will now be included in portfolio statements as well as in tax reporting documents.
The bank has taken every care to make the whole process secure and fool proof. The process ensures compliance to AML laws and it also takes care of the KYC laws and regulations, making it a robust and secure process.
Speaking about this latest offering, 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.”
It is important to note that Falcon’s custodial service has been audited and examined by third-party providers, the company stated.
Falcon Private Bank was the first bank to be given the green light by the Swiss Financial Supervisory Authority (FINMA) to manage blockchain-based assets in July 2017.
Image via Shutterstock
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