Falcon Private Bank Adds Cryptocurrency to Its List of Storable Assetsby Fintechnews Switzerland January 21, 2019
Falcon Private Bank, a Zurich-based wealth manager now allows its clients to transfer a limited variety of cryptocurrency (Bitcoin, Bitcoin Cash, Ether and Litecoin) to segregated Falcon wallets. According to the website, the cryptocurrencies are stored by Falcon’s cold storage, and can be exchanged for fiat money or transferred out to a client’s private wallet.
The bank would also allow clients to purchase additional or new cryptocurrencies. This means that the bank accepts wealth originating from crypto assets that were subsequently converted into fiat. They would also allow for custody, selling and reporting of any managed blockchain assets.
The storage of these assets applies specific tools to analyse the transaction history based on blockchain, so that the wealth manager complies with anti-money laundering (AML), and know your client (KYC) laws and regulations—audited by PwC.
Martin Keller, CEO Falcon Private Bank, said:
“With this initiative, we anticipate an increase in client demand for Falcon’s blockchain asset management services. Considering the latest developments of crypto assets, the launch of this innovative new offering is timely.”
Featured image via Unsplash