Swiss private bank Falcon offers a harmonized process for its clients to invest their trading wealth in cryptocurrencies.
The Zurich-based bank has implemented an app that says existing and new private banking customers can monetize their wealth with crypto assets.
The bank stated that it has implemented due diligence using “special tools” to analyze its customers’ transaction history with Blockchain.
“This innovative proposal comes just in time.”
Falcon Private Bank CEO Martin Keller said that the bank’s auditor, PricewaterhouseCoopers, has reviewed and approved the process.
“With this initiative, we expect an increase in client demand for our bank’s Blockchain asset management services. Given the latest developments regarding cryptoassets, this innovative proposal comes just in time.”
The bank entered the cryptocurrency space in July last year through an alliance with Bitsuisse (Swiss cryptocurrency). It had provided Blockchain asset management services to customers.
Under the regulation approved by the Swiss regulatory agency Finma, customers can use their cash holdings to exchange foreign currency via Falcon.
Also, a Bitcoin in the lobby of the bank’s headquarters in Zurich. ATM installed and open to the public during business hours.
Finextra