First Swiss Bank To Allow Its Clients to Exchange and Hold Bitcoins

Jul 13, 2017 at 15:23 // News
Author
Nina Lyon

A Swiss private bank with 50 years of expertise in wealth management – Falcon Group – has become the first local bank to offer a new feature of blockchain asset management, including Bitcoin, to its clients.

Now, Switzerland becomes more cryptocurrency friendly. A new service has become available through Falcon Group’s cooperation with Bitcoin Suisse AG, a regulated crypto financial broker based in Switzerland. The bank has already received approval from FINMA (the Swiss Financial Market Supervisory Authority) to launch this unique product. 

According to a  report, clients can exchange and hold Bitcoins via Falcon using their cash holdings. Moreover, Falcom Bank has installed a Bitcoin ATM in the lobby of the bank's headquarters in Zurich which is accessible to the public during business hours. 

Arthur Vayloyan, Global Head of Products & Services, Falcon Private Bank Ltd. commented: 

"Following our strategic partnership with Move Digital, a best-in-class provider of digital asset management and investment advisory systems, this is a further tangible element of our new strategy. We are proud to be the first-mover in the Swiss private banking area to provide blockchain asset management for our clients. Falcon is convinced that the time is right to enter this nascent market and it is our firm belief that this new product will fulfil our clients' future needs." 

Falcon Private Bank is headquartered in Zurich and has locations in Abu Dhabi, Dubai, London and Luxembourg.