Falcon Bank, a private bank based in Switzerland, has announced the storage and transfer support for the select cryptocurrencies. The information was revealed by an official press release of the bank which was published on January 21. Elaborating on the support, Falcon Bank said that both institutional and private investors could utilize “segregated Falcon wallets” for the transfer of select cryptocurrencies. The interested investors can do the transfers both to and from the bank’s Falcon wallets. This facility also allows the investors to convert their cryptocurrency into fiat currency. For now, Falcon Bank has developed support for the following cryptocurrencies – Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, as per the information of official press release. With this latest announcement, the bank claims that it has fully operationalized and integrated blockchain assets and the cryptocurrencies mentioned above have now become part of the bank’s investment portfolio. Falcon also claims that it has included the cryptos in its tax statements too.
Safety and Security concerns
To allay the fears of safety and security, Falcon stated in the press release about its highly secure “proprietary custody solution.” The private bank claims that this custody solution makes sure that all the digital assets of the investors remain safe and secure. To further strengthen the safety credentials of custody solution, Falcon has got it audited and examined by third-party auditors and providers. The bank also claims that its cryptocurrency services comply with anti-money laundering regulations and know your customer provisions laid down by the local authorities.
So that you know, Swiss Financial Market Supervisory Authority (FINMA) granted approval to Falcon Bank in July 2017 to manage the blockchain assets. The competition in the crypto and blockchain space in Switzerland is rising as recently another private investment bank Vontobel has come up with a crypto custodial solution service aimed to lure financial investors, asset managers, and various banking institutions. In December last year, FINMA came up with the detailed regulations and guidelines for granting licenses to the financial technology firms. Many crypto companies and blockchain technology firms have been reportedly working to apply for the licenses in this current year 2019.