Switzerland’s Falcon Private Bank revealed that it would allow its customers to hold Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) next week, expanding its blockchain asset management services to more digital currencies in cooperation with Bitcoin Suisse AG.
It’s the first private bank to add altcoins such as Ether, Litecoin and Bitcoin Cash to its client cash management. The move was named “a historic milestone for the entire crypto space.” The decision was reportedly made following thorough consultations with Swiss regulators such as the Swiss Financial Market Supervisory Authority (FINMA), according to the company’s press release.
“We are pleased to add Ethereum, Litecoin and Bitcoin Cash to our services just a month after introducing blockchain asset management solutions with Bitcoin,” said Arthur Vayloyan, the global head of products and services of Falcon Private Bank.
“The first reactions to our Bitcoin services have been very encouraging and we are convinced that by adding three new blockchain assets we will fulfill our clients’ future needs,” Mr. Vayloyan added.
Although crypto-assets have always been rather volatile, it is necessary to note the obvious improvement and boost in confidence taking place recent years. Now, the Falcon Private Bank aims to cover the gap between crypto- and traditional finance and offer high net worth individuals and institutions to directly invest and diversify into Bitcoin and Altcoins through a trustworthy and regulated financial institution.
The back ensures that clients remain compliant with anti-money laundering rules. Niklas Nikolajsen, the Chief Executive Officer at Bitcoin Suisse AG, said: “Bitcoin Suisse is proud to continue to support Falcon Private Bank’s product offering in the field of crypto-assets. [It’s] decision to follow up by adding Ether as well as other crypto-assets has made them the go-to private bank for crypto-asset holders and investors.”
According to Nikolajsen, the Swiss financial industry is a critical market for establishing Bitcoin and crypto-assets worldwide. “Switzerland is not only historically one of the most important and trustworthy financial markets in the world, it is also currently at the forefront of FinTech development, and has probably the most progressive regulatory framework for crypto-finance anywhere in the world” said Nikolajsen.
“That is particularly interesting for both established companies and start-ups engaging in the crypto-financial space, since the transparent and progressive regulatory approach of the Swiss financial market supervising authority, the FINMA, has created clear rules of engagement for dealing with digital finance.”
As a result, Switzerland has become a role model for the transparent and regulatory safe business in Bitcoin- and crypto-asset space, with especially the region of Zug, also known as “Crypto Valley,” leading the way.
Last month, Falcon Private Bank became the first Swiss private bank to enter the cryptocurrency asset management market. This private banking institution covers more than 14 billion CHF of client assets. It’s headquartered in Zurich, with locations in Abu Dhabi, Dubai, London, and Luxembourg.
Bitcoin Suisse AG, a world leading crypto-asset broker and asset manager, has assisted Falcom in providing the full suite of products and services necessary to acquire, track, safeguard and trade crypto-assets for institutional clients and high net worth clients.
The company is also one of the best known service providers in the field of crowdfunding projects (ICOs), as it have supported projects such as Bancor, Status, TokenCard, Tezos, aeternity, OmiseGo, Melonport, Matchpool, Decentraland, Moeda and others.
Bitcoin Suisse AG is, among other things, known for supplying the crypto-payment solution infrastructure for the town of Zug, which July 1st 2016 became the first public entity worldwide to accept Bitcoin and other crypto-assets as payment for public services. The oldest Swiss company in the market and AML-regulated since 2014, Bitcoin Suisse AG is as of 2017 a world-leading provider of compliant crypto-financial services.