The bank announced that both private and institutional investors can now directly transfer a selection of major cryptocurrencies to and from the institution's own “segregated Falcon wallets,” as well as convert crypto into fiat money.
In the press release, the private bank also mentions its “proprietary custody solution” that it claims to provide secure storage of digital assets. Falcon’s custodial service has been audited and examined by third-party providers, the company stated. The bank also states that its crypto service is compliant with local Anti-Money Laundering and Know Your Customer regulations.
Falcon Private Bank was first authorized to manage blockchain-based assets in July 2017, following approval from the Swiss Financial Supervisory Authority (FINMA).
In late December, FINMA published guidelines for their fintech license, with blockchain assets-related companies reportedly set to begin applying for the license starting from 2019.