On January 21, Falcon Private Bank announced through a press release that, with immediate effect, will begin to accept direct transfers of some cryptocurrencies from both private and institutional clients.
The Swiss-based bank said that customers can "directly transfer cryptocurrencies to and from segregated Falcon portfolios and convert them into legal tender". The new offer makes blockchain assets "fully bankable".
Falcon, founded in 1965, also offers trading orders through e-banking, or for its customers less focused on digitization, through dedicated relationship managers.
Falcon CEO Martin Kellyer said that "Falcon has once again taken the opportunity to demonstrate its experience as a market leader in the digital asset space by combining traditional private banking services with innovative financial solutions."
Currently, Falcon accepts Bitcoin Core (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC). They do not comment on when they will start accepting other alt coins, or if they are going to accept the only digital currency to follow the original Bitcoin whitepaper, Bitcoin SV (BSV).
Falcon Private Bank offered cryptocurrency investment services for the first time in July 2017, providing purchases and holding back investments in BTC. This new offer is added to this service by allowing customers to buy or receive cryptocurrencies from anyone, and then collect it with Falcon.
Bank cryptocurrency is still quite rare in Switzerland. Falcon is proud of its first status as an operator in the country for investments in digital money and the banking sector, but they are not alone. Swissquote added bank encryption services in August 2017 and celebrated a 44% increase in earnings only in August 2018, when the bear market was already well underway. Maerki Baumann joined the group in August 2018, offering to work with companies involved in the cryptocurrency sector.
With this new move, it appears that the Swiss banking sector will continue to look to Falcon Private Banking for leadership in the digital currency space.