Swiss bank scores first with blockchain asset management service
Zurich-based Falcon Group has become the first Swiss private bank to provide blockchain asset management solutions for its clients through cooperation with Bitcoin Suisse AG, according to a press release.
The announcement follows approval by the Swiss Financial Market Supervisory Authority for bitcoin asset management.
Clients can exchange and hold bitcoins via Falcon using their cash holdings. The solution facilitates easy access to blockchain assets and a convenient storage process, the release said.
Additionally, a bitcoin ATM has been installed in the lobby of Falcon Private Bankheadquarters in Zurich and is accessible during business hours.
"We are proud to be the first-mover in the Swiss private banking area to provide blockchain asset management for our clients," said Arthur Vayloyan, global head of products and services at Falcon Private Bank Ltd. "Falcon is convinced that the time is right to enter this nascent market and it is our firm belief that this new product will fulfill our clients' future needs."
Bitcoin Suisse CEO Niklas Nikolajsen called the product "nothing less than a historic milestone for the entire crypto space."