Swiss private bank Falcon Group now offers blockchain asset management solutions for its clients through a new cooperation with Bitcoin Suisse AG, the crypto-financial service provider, broker and wealth manager.
FINMA, the Swiss Financial Market Supervisory Authority, has given its approval for the launch of this new product after what the sides describe as an in-depth enquiry.
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Clients of the private bank can now exchange and hold Bitcoin via Falcon using their cash holdings. The solution facilitates easy access to blockchain assets and a convenient storage process. Additionally, a Bitcoin ATM has been installed in the lobby of Falcon Private Bank’s headquarters in Zurich.
“It has been a pleasure assisting Falcon in realising this new product, which is nothing less than a historic milestone for the entire crypto space,” says Niklas Nikolajsen, CEO, Bitcoin Suisse AG.
Arthur Vayloyan, Global Head Products & Services, Falcon Private Bank Ltd, said: “Following our strategic partnership with Move Digital, a best-in-class provider of digital asset management and investment advisory systems, this is a further tangible element of our new strategy. We are proud to be the first-mover in the Swiss private banking area to provide blockchain asset management for our clients. 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.”
MME acted as the legal advisor and PricewaterhouseCoopers as auditor in the approval process.