Swiss Bank Falcon Launches Crypto Wallet Which Allows Withdrawals In Fiat

Switzerland-based Falcon Private Bank has launched a wallet that allows direct transfers and stores selected cryptocurrencies.

This was made know by the bank through an official statement released on Monday. It said both private and institutional investors can now directly transfer a selection of major cryptocurrencies. Which is to and from the institution’s own “segregated Falcon wallets,” as well as convert crypto into fiat money.

For a start, only four major cryptocurrencies, Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) would be accommodated.

This feat according to Falcon, the blockchain assets is now “fully bankable”. The select cryptos being included in the bank’s portfolio statements, as well as in tax reporting documents.

The statement however, added that the “proprietary custody solution” rendered by the bank would provide secure storage for digital assets. In the meanwhile noting that its custodial service has been audited and examined by third-party providers.

Further more, the bank noted its crypto service is compliant with local Anti-Money Laundering and Know Your Customer regulations.

Falcon Private Bank was first authorized to manage blockchain-based assets in July 2017, following approval from the Swiss Financial Supervisory Authority (FINMA).

Another financial institution that has achieved same feat as the Falcon Private Bank, is the Swiss private investment bank Vontobel, which launched a crypto custodial service targeting banking institutions and asset managers.

Recall that in late December, 2018, FINMA published guidelines for their fintech license, with blockchain assets-related companies are reportedly set to begin applying for the license starting in 2019.

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