Crypto Wealth Management Service Launched by Falcon Private Bank
And the service has already been approved
According to Falcon (a bank based in Zurich), new and existing private banking clients will be able to trade their own cryptocurrencies for fiat, not to mention a cryptocurrency wealth management product. The bank’s management also mentioned that it will apply due diligence with the help of “specific tools” that will enable the analysis of blockchain transactional history, thus ensuring complete compliance with regulatory laws.
This comes at a time when there are a lot of concerns, especially from traditional financial institutions, over the regulation of cryptocurrencies. In response, Falcon Private bank will offer its clients a cryptocurrency wealth management processes that are compliant with Know Your Client (KYC) laws and anti- money laundering regulations, in an effort to attract more mainstream attention to their product.
In a comment posted on finextra.com, the CEO of Falcon Private Bank (Martin Keller) said that PricewaterhouseCoopers (the auditors of the private bank) has already approved and reviewed the product. According to Martin Keller, the initiative to launch Falcon’s Blockchain asset management services is a step towards increasing client demand for the service. He also mentioned that the new offering was timely, considering the latest crypto asset developments.
In July 2017, Falcon private bank partnered with a cryptocurrency exchange called Bitsuisse. The partnership saw the introduction of the private bank into the complex crypto space. At the moment, plans are underway to provide their clients with cryptocurrency asset management services though the alliance.
By the looks of it, Falcon Private Bank is already gaining the support of the government, considering that the arrangement between the private bank and the cryptocurrency exchange saw the approval of Swiss regulatory bodies such as Finma. With Falcon, clients can use their fiat accounts to buy and hold Bitcoin. Furthermore, at the bank’s headquarters in Zurich, there is a Bitcoin ATM installed in the lobby as a way of giving public access to private cryptocurrency accounts, especially during busy business hours.
Image Credit: Deposit Photos
Do you think the recent developments by Falcon private bank in Zurich will encourage more traditional banking institutions to get involved in offering cryptocurrency-related products to clients? Share your thoughts and opinions with us in the comment section.