Falcon private bank, a Swiss company, announced today that it has added support for four major cryptocurrencies on its e-banking channels and rolled out the option for both individual and institutional clients.
Falcon clients can now directly transfer either Bitcoin, Ether, Bitcoin Cash and Litecoin via e-banking applications provided by the firm or through a special relationship manager assigned to their account.
Also, funds transferred to Falcon crypto wallets can directly be converted to fiat in a move the firm says will make “blockchain assets fully bankable.”
Falcon Private Bank Brings Crypto To Mainstream Clients
The new offering by Falcon practically makes cryptocurrency investment and trading as easy as fiat transactions with the bank.
First, the bank will provide regulator-approved secure custody for client cryptocurrencies they hold and also assure that the transaction process meets AML and KYC rules stipulated by Swiss authorities.
Additionally, the bank will ensure that transactions in cryptocurrencies are added to bank statements and tax reporting documents, which takes away a fair amount of burden from potential crypto clients.
Martin Keller, CEO Falcon Private Bank, said regarding the new offering,
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.
There is no doubt that Falcon’s putting of cryptocurrency transactions in the same bracket as traditional banking will encourage public participation in the industry.
Last week, we reported a similar development in Thailand, where the country’s national stock exchange plans to introduce a crypto exchange because of the growing interest around the new asset class.