Falcon Private Bank of Switzerland launches a crypto wallet with a withdrawal of funds in Fiat

According to an official press release published on January 21, the Swiss bank Falcon Private Bank has integrated support for direct transfers and storage of cryptocurrency.

Representatives of the bank announced that both private and institutional investors can now directly transfer some cryptocurrencies from / to Falcon segregated wallets, and also convert cryptocurrencies into fiat money.

According to a press release, at first Falcon Private Bank will provide support for only four cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC).

Falcon representatives say that thanks to this blockchain innovation, the assets have become “fully bankable”.

The press release of Falcon Private Bank also mentions the “patented custodial solution”, which will ensure the safekeeping of digital assets. According to bank representatives, Falcon's custodial service was verified by a third-party company.

Falcon Private Bank received a blockchain-based asset management permit in July 2017 after it was approved by the Swiss Financial Market Supervision Authority (FINMA).

Recently, another large Swiss private investment bank Vontobel launched a crypto service focused on banking institutions and asset managers of the company.

At the end of December, FINMA published a set of principles for obtaining a corresponding Fintech license, and, as reported, companies whose activities are related to the blockchain assets will start applying for a license from 2019.