Falcon Private Bank, a Zurich-based bank announces the launch of their cryptocurrency wallet, that will enable individuals and institutional investors to seamlessly store or exchange their crypto assets for fiat money, according to a press release on January 21, 2019.
The new wallet marks a milestone for the cryptocurrency ecosystem, especially Switzerland’s cryptocurrency industry. Falcon Private Bank boasts that they have successfully married traditional finance with the digital assets class in order to make bitcoin and altcoins entirely bankable despite their super volatile nature.
Falcon further told that the cryptocurrency wallet will currently support only established digital assets including bitcoin (BTC), ether (ETH), litecoin (LTC) and bitcoin cash (BCH). They also hinted that the supported cryptos will be included in all its portfolio statements and tax filings.
Crypto Custodial Services
An increase in the number of cryptocurrency thefts and hacks with cryptocurrency exchanges and trading venues has kept the institutional investors at bay from the market. Falcon seems to have covered that base as well, the bank stated in its press release that their cryptocurrency storage solution will give clients a highly secure crypto custodial services.
According to the firm, their cryptocurrency storage system has been audited by third-party institutions. Additionally, the system also operates in compliance with the country’s anti-money laundering (AML) and know-your-customer (KYC) laws.