The bank informed its clients that both private and institutional investors can now transfer directly a selection of major virtual currencies to and from the firm’s very own “segregated Falcon wallets,” including conversion of cryptocurrency into fiat money.
According to the press release, Falcon supports four major cryptocurrencies on its early stage, namely Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum (ETH).
Falcon asserts that with the recent move, it has made blockchain assets “fully bankable,” with digital currencies being included in clients’ bank statements and tax reporting documents.
The bank also notes of its “propriety custody solution” that purportedly provides secure storage of crypto assets. The company said that Falcon’s custodial service has been examined and audited by third-party providers. The bank also mentions that its crypto service operates under the compliance of Anti-Money Laundering and Know Your Customer regulations.
After the approval from the Swiss Financial Supervisory Authority (FINMA) in July 2017, Falcon Private Bank began managing blockchain-based assets.
Earlier, another major Swiss private investment bank, Vontobel, announced a crypto custodial service that targets asset managers and banking institutions.
In December last year, FINMA published guidelines for their fintech license, with blockchain-related firms purportedly set to start applying for the said license beginning 2019.