Falcon Bank has become the first one to allow blockchain assets to become fully bankable. From now on, private and institutional clients can directly transfer cryptocurrencies to and from segregated Falcon wallets, as well as convert them into fiat money.
The bank has also taken care of the most go-to turn down of the critics: Taking care of regulations. According to the document released by the bank, they have developed a process that complies with AML (anti-money laundering) and KYC (know your client) laws and regulations.
The bank also announced in their document that their custody solution has been audited and reviewed by independent providers.
The CEO of Falcon Private Bank expressed his opinion on this development:
“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.”
Customers can place their trading order through e-banking or a dedicated relationship manager. For direct transfer, Falcon is currently open for only four cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ether(ETH) and Litecoin (LTC).
Although banks like Liechtenstein’s Frick, Vontobel, and Hypothekar Lenzburg have already begun offering cryptocurrency services, Falcon was Switzerland’s earliest adopter.
Even if this is a part of a restoration of name effort by the bank from the defamatory 1MDB scandal, this development is surely going to change things.
Photo by Alex King on Unsplash