Switzerland’s Falcon Private Bank Now Offering Clients Crypto-Fiat Withdrawals In ‘Fully Bankable’ Move
Falcon Private Bank, a Zurich-based bank has announced the launch of its cryptocurrency wallet aimed at making it easier for individuals and institutional investors to seamlessly store or exchange their cryptoassets for fiat money, according to a press release on January 21, 2019.
Falcon Private Bank Catches The Bitcoin Fever
With the launch of the wallet, both individual clients, as well as institutional investors, can now store or exchange the supported cryptocurrencies for fiat money in real-time.
Falcon Segregated Wallets Supports Only Established Cryptos
Although Falcon has made it clear that its cryptocurrency wallet supports only established digital assets at the moment, including bitcoin (BTC), ether (ETH), litecoin (LTC) and bitcoin cash (BCH), the move represents a significant milestone for both Switzerland's cryptocurrency industry and the cryptoverse at large.
Falcon Private Bank boasts it has successfully married traditional finance with the burgeoning digital assets class, making bitcoin and altcoins entirely bankable despite their super volatile nature.
Interestingly, the bank has also hinted that it's now including the supported cryptos in all its portfolio statements and tax filings.
Falcon Looking To Offer Crypto Custodial Services
At a time cryptocurrency thefts and hacks are becoming synonymous with cryptocurrency exchanges and trading venues, with bad actors also devising ways to breach some hardware wallets, securing cryptoassets has become an arduous task for both the cryptocurrency newbie, big whales and institutional investors alike.
Falcon has stated in its press release that its cryptocurrency storage solution provides clients with highly secure crypto custodial services.
The firm says its cryptocurrency storage system has been audited by third-party institutions and it also operates in compliance with the country's anti-money laundering (AML) and know-your-customer (KYC) laws.
Founded 50-years ago, Falcon Private Bank got approved by Swiss financial regulators, FINMA to offer clients distributed ledger technology (DLT) based assets in 2017 and the lender has now become one of the first traditional financial institutions in Switzerland to provide clients with crypto-fiat withdrawals.
Unlike the U.S. Securities and Exchange Commission (SEC) which is yet to regulate digital assets fully, FINMA has exhibited a more liberal stance towards bitcoin-linked firms in recent times.
Earlier in October 2018, Bitcoin Exchange Guide reported that FINMA had granted Crypto Fund AG a cryptocurrency asset management license to enable the firm to operate as a fully-regulated company.