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Falcon Private Bank, a Zurich-based bank, has announced that it is introducing direct transfers of selected cryptocurrencies for both private and institutional clients.
In July 2017, the bank, in cooperation with Bitcoin Suisse AG, launched blockchain asset management solutions for its clients, allowing them to exchange and hold Bitcoin (BTC) using their cash holdings. Soon after, it added support for Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
In its latest announcement, Falcon said that its private and institutional clients would now be able to directly transfer cryptocurrencies to and from segregated Falcon wallets. Transferred cryptocurrencies are stored securely in the bank’s own cold storage solution and remain fully manageable, meaning that they can be exchanged for fiat money or transferred out to the client’s private wallet.
The bank currently accepts Bitcoin, Bitcoin Cash, Ether, and Litecoin for direct transfers. Falcon said that this new offering makes blockchain assets “fully bankable.”
Commenting on the expanded 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.”
Falcon said that clients can place trading orders conveniently either through e-banking or a dedicated relationship manager. Digital assets are included in portfolio statements as well as in tax reporting documents.
The bank further said that it has developed a process that ensures full compliance with Anti-Money Laundering (AML) and know your client (KYC) laws and regulations.
