- 08 Jul, 2018
The legendary Falcon private bank became the first private bank offering cryptocurrency services. It allows customers to have direct access to their bitcoin and altcoin portfolios through bank account. The bank recently received approval from swiss regulator, first of its kind from Swiss Financial Market Supervisory Authority (FINMA). It allows Falcon Private Bank to manage its blockchain based assets such as bitcoin and other digital currencies. The account holders can buy, hold and sell bitcoins directly through their online banking platform.
Falcon Private bank manages assets worth 14.6 billion Swiss Francs ($15.1 billion) with is offices Zurich, London, Abu Dhabi and Dubai. It will offer access to bitcoin through a partnership with Swiss based digital currency agency Bitcoin Suisse. It has installed a bitcoin ATM at Zurich office which allows customers to withdraw bitcoin to their smartphones.
Switzerland is well-known for its best banking practices for years. It is one of the dearest countries for digital currency enthusiasts. The country boasts of its Zug region, where a number of digital currency businesses are set up. The region is fondly named as “Crypto valley”.
With the Falcon swiss private bank entering the new era of digital currency banking, it will lead the way for other banks into the cryptocurrency market. Swiss regulators decision should transmit the required confidence for other global regulators to approve bitcoin products.