Swiss private bank Falcon Group on Wednesday announced that it was entering the cryptocurrency asset management marker by launching services aimed at helping its clients better manage their bitcoin holdings. In order to provide these new solutions Falcon is teaming up with Bitcoin Suisse AG, a bitcoin brokerage founded in 2013.
The new service allows customers of the bank to exchange and hold bitcoins using their cash holdings. The bank said that its solution facilitated easy access to blockchain assets and a convenient storage process. In addition the bank has installed a bitcoin ATM at its headquarters in Zurich, a move that has been approved by the Swiss Financial Market Supervisory Authority (FINMA). The ATM will be available for public use during business hours, Falcon added
“We are proud to be the first-mover in the Swiss private banking area to provide blockchain asset management for our clients,” Falcon’s Global Head of Products and Services Arthur Vayloyan said in a statement. “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.”
Meanwhile, the CEO of Bitcoin Suisse Niklas Nikolajsen commented that the new product “is nothing less than a historic milestone for the entire crypto space”.
The launch of the product marks a rare occasion of a bank openly embracing cryptocurrency. It is also another example of Switzerland’s willingness to support blockchain-related initiatives in both the public and private sectors. As reported by Coindesk, earlier this week the Swiss Federal Council revealed the regulator is "swiftly" moving toward a legal designation of digital currencies.
According to Google Finance data, as of 12:10 BST the bitcoin price stood at $2,371.5, down 0.15 percent.