Swiss Bank to Offer Bitcoins
The Swiss-based financial institution Falcon Private Bank is starting to offer financial guidance and management to its customers with their Bitcoin holdings. The Falcon Group recently announced that they will be starting to provide its customers to buy and hold Bitcoins with their traditional and existing bank accounts.
Falcon Private Bank has been operating and giving out financial and wealth management for a good 50 years as of late; it also managed to expand its reach in providing financial services with headquarters in Zurich, London, Abu Dhabi, and even Dubai.
According to a company representative, “This new product offering will enable Falcon Private Bank clients to hold, buy and sell Bitcoin directly through their e-banking platform or account manager.”
Falcon Bank’s Innovative Step
The digital currency and cryptocurrency haven’t been a big hit with the local Swiss regulators, but this doesn’t generally mean that local banks aren’t allowed to embrace the future of digital currencies and banking. The Falcon Group managed to take the first bold step into the future and they also managed to pioneer the use of Bitcoin-related products and services.
Falcon Private Banking was granted the permission to offer Bitcoin asset management services; the private bank was successful in filing a motion to do, the Swiss regulators approved their plea and can start sooner than later.
The Swiss Financial Market Supervisory Authority is the legislator that granted the Falcon Private Bank to start managing assets based on the blockchain technology and they also gave the green light to give Bitcoin-related financial advices to its customers.
More Information on Falcon’s Victory
The massive victory from Falcon’s side has opened a huge variety of innovation and progress for the digital currency and the future of banking altogether; the private bank is looking to open and install Bitcoin ATM on its Zurich headquarters, and this will be made publicly available for everyone.
According to the global head of products and services for Falcon, Arthur Vayloyan, “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 fulfill our clients’ future needs.”
Sources have been speculating that the Falcon Private Bank will be utilizing the local broker Bitcoin Suisse to access Bitcoin, and reports are also coming in that the regulators are not that concerned about the potentially illegal activities stigma from the digital currencies.
Falcon’s Move Possible Ripple Effect
The extraordinary move Falcon made will surely create a new movement for other banks to the same in embracing the future of cryptocurrency; Bitcoin and other coins are starting to make a bigger splash in the market and they continue to pull in more traders and investors alike.
This is also another huge nudge to regulators from across the globe; most especially, the United States ongoing regulation process and even China’s current cryptocurrency scene. Although a huge difference is seen between US’ SEC’s and the Swiss Financial Market Supervisory Authority; the SEC takes a couple of months to regulate things and sometimes even years before coming up with a concrete decision.
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