The financial institution hopes to attract new clients and investors who want to project their businesses using cryptoactives

An important Swiss bank, Falcon Private Bank, recently announced through its official website that it added an extension in its financial services for customers who want to do cryptocurrency operations.

Among the operations that the bank expects to conduct, there is the adjustment of its platforms, so that users can make transfers, simple commercial transactions and safeguard services for different cryptoactives.

Through a press release from Swiss official media, the institution informed that the bank expects to operate with the main cryptocurrencies of the global market, and detailed that the bank will support users and other financial institutions to make their operations in cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).

The bank, the digital portfolios of the financial institution, and the fiscal reports will support the operations with these cryptocurrencies. In addition, the bank will allow its clients to exchange the cryptoactives for fiduciary money, specifically dollars or euros.

About these measures, the bank announced through the report published on its website that the incorporation of these new services is part of the growth policies made in the institution, which seeks to adapt to the growing demand of the crypto market.

Part of the report explains that: “Falcon Private Bank reaffirms its position of first movement in blockchain banking by accepting direct transfers of selected cryptocurrencies. With immediate effect, private and institutional clients can directly transfer the cryptocurrencies to the segregated Falcon portfolios, as well as convert them into fiduciary money. This new Falcon offer makes the blockchain assets fully financeable”.

About the security and support that the bank will have for this type of transaction, spokespersons of this institution assured that the assets that will enter their portfolio through the blockchain are “fully fundable”, so that they generate for the institution a verifiable gain, in order to achieve its goals.

In addition, according to the report of the institution, it was known that the team made different development tests to the platform that will be used for the transactions. This space will have a “patented custody solution” that can be audited and verified by experts in the area so that, as they claim, it provides maximum security for the clients.

The bank also stated that it has a legal service section that will verify the regulatory status required by the laws and tax procedures on these assets, in order to avoid tax fraud, money laundering, among other harmful procedures.

Recently it was learned that the important Swiss bank Vontobel launched a platform which allows financial institutions and entrepreneurs to store and carry out transactions with cryptocurrencies.

It is known that the Swiss Financial Market Supervisory Authority (FINMA) authorized the Falcon Private Bank, last July of 2017, so that it can administer cryptoactives and get involved with blockchain technology.

Last December, FINMA reported on a list of requirements that institutions seeking to apply for a Fintech license will be asked to develop their businesses based on blockchain technology. It is expected that these companies can make the formal request to get the license this year.

By María Rodríguez


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