The Swiss private bank Falcon has introduced direct transfers of selected cryptocurrencies for private and institutional customers based on a press release issued on 21 January.
The 50 year old Falcon private bank will allow the direct transfer of Cryptocurrencies "to and from the segregated Falcon portfolios" and will also allow its customers to convert their Crypto into fiat, thus making the assets "fully bankable".
The Falcon portfolio currently supports four Cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum (ETH). Falcon claims to have a patented custody solution controlled and reviewed by independent suppliers.
In addition, the bank also has its clients to include statements of wallet of digital assets and tax declaration documents. Falcon also boasts that it complies with local KYC and AML regulations.
Martin Keller, CEO of Falcon Private Bank, said:
"Falcon has once again taken the opportunity to demonstrate its experience as a market leader in the digital resource space by combining traditional private banking services with innovative financial solutions."
Falcon claims to be the first Blockchain banking engine and is doubling on Cryptocurrencies. The Zurich-based bank obtained the approval of the Swiss regulator FINMA in 2017 for Bitcoin's asset management.
FINMA recently published the Fintech guidelines for companies based on Blockchain and Crypto as of 2019. According to FINMA, the guidelines have "relaxed requirements" and allow companies to accept public deposits of up to $ 100 million.
Image source: Flickr
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