Falcon Private Bank, a Switzerland-based financial institution in a press release on January 21 announced the launch of its cryptocurrency wallet. According to the bank, selected digital assets such as Bitcoin, Bitcoin Cash, Ether and Litecoin can be directly transferred to and from Falcon wallets.
First Swiss Private Bank Launches Cryptocurrency Wallet
Falcon, which is the first Swiss private bank has launched a cryptocurrency wallet that will allow selected virtual currencies to be stored. These transfers are not only limited to institutional clients due to the fact that the financial institution said private individuals can also make direct transfers.
Therefore, from the date of the announcement, Bitcoin, Bitcoin Cash, Ether and Litecoin can be sent to Falcon wallets. In the bank’s opinion, accepting direct transfers “reaffirms its first-mover position in blockchain banking”. It also makes digital assets fully bankable, said the Bank.
Customers Can Place Trading Orders Using e-banking App
Asides from making transfers to store virtual assets, Falcon also pointed out that its customers can place trading orders with the help of a relationship manager or an e-banking application.
Martin Keller, CEO Falcon Private Bank said:
Falcon has once more seized the opportunity to demonstrate its expertise as a market leader in the digital assets space by merging traditional private banking services with innovative financial solutions.
Multi-level Protection for Hardware, Software, and Transaction Process
The financial institution claims that the hardware, software, and the process itself involved in the transactions, have multi-level protection. They also stated that the process was developed to meet anti-money laundering (AML), and know your customer (KYC) regulations.
More light into the nature of transactions shows that a minimum of 2 million Swiss francs can be sent. As such, this may pose a limitation to regular customers, since this may only be achievable by rich investors. Nevertheless, the Bank’s move to incorporate cryptocurrency in its processes is quite remarkable.
Switzerland Has Legalized the Use of Cryptocurrencies
Switzerland, unlike some countries, has legalized the use of cryptocurrencies. Moreover, the Swiss Federal Tax Administration (SFTA) categorized these virtual currencies as assets which are subject to tax. Some virtual currency exchanges in the nation have also been approved. These exchanges are being regulated by the Swiss Financial Market Supervisory Authority (FINMA).
BTCNN on December 8 also reported that Zug, a city in Swiss is the fastest growing tech hub in Europe. The city is popularly known as ‘Crypto Valley’ and it was ranked by Atomico, a global technology investment firm. Here, the firm said Zug is the first in terms of the turn out in tech meetings.