Swiss private bank Falcon has launched bitcoin asset management solutions, in association with crypto financial broker Bitcoin Suisse.
Asset management through bitcoin technology already secured the nod from Swiss financial regulator FINMA. Falcon said that the regulator approved its new offering following an “in-depth enquiry”.
The new product will allow clients of the bank to store and exchange the digital currency using their cash holdings. The bank also installed a bitcoin ATM at its headquarters in Zurich.
Bitcoin Suisse CEO Niklas Nikolajsen said: “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.”
The recent offering is part of a strategic repositioning for Falcon, and comes shortly after its partnership with Move Digital, a provider of digital asset management and investment advisory systems.
Falcon Private Bank global head products & services Arthur Vayloyan said: “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.”