Falcon Group, a Swiss private bank, has announced the addition of bitcoin to asset management toolbox, thereby becoming the first private bank in the country to offer blockchain asset management solutions for its clients.
"Following our strategic partnership with Move Digital, a best-in-class provider of digital asset management and investment advisory systems, this is a further tangible element of our new strategy. 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”, Arthur Vayloyan, Global Head Products & Services, Falcon Private Bank Ltd.
This new product has been facilitated through its new cooperation with Bitcoin Suisse AG, the bank said. Clients can exchange and hold bitcoins via Falcon using their cash holdings. This solution facilitates easy access to blockchain assets and a convenient storage process. MME acted as the legal advisor and PricewaterhouseCoopers as auditor in the approval process.
“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," says Niklas Nikolajsen, CEO, Bitcoin Suisse AG.
The Swiss Financial Market Supervisory Authority FINMA has approved the launch of this new product after an in-depth enquiry.
Falcon said that a Bitcoin ATM has been installed in the lobby of its headquarters in Zurich and is accessible for the public during business hours.
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