Zurich-based Falcon Private Bank is now accepting direct transfers of four major cryptocurrencies.
Founded in 1965, Falcon Private Bank is a Swiss bank that provides private banking and wealth management services to high net-worth private clients and investment companies worldwide. In July 2017, Falcon became the first Swiss financial institution to provide bitcoin and blockchain asset management solutions. Soon after, the bank added support for Bitcoin Cash, ether, and Litecoin.
In a press release, the bank said that private and institutional clients will now be able to directly transfer the supported cryptocurrencies to and from segregated Falcon wallets, as well as convert them into fiat money. Clients have two options to conveniently place trading orders, through e-banking or a dedicated relationship manager. Digital assets are included in portfolio statements as well as in tax reporting documents.
The bank said that it had developed a process that ensures full compliance with Switzerland’s anti-money laundering and know-your-customer laws and regulations. It claimed to have a multi-level protection that covers hardware, software, and transaction processes.
Martin Keller, CEO Falcon Private Bank, said that offering direct transfers of cryptocurrencies make blockchain assets fully bankable.
“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,” Keller said.
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