Falcon Private Bank launches crypto wealth management service
Falcon has implemented a process in line with relevant compliance provisions to enable acceptance of wealth originating from crypto assets.
„Falcon Private Bank reaffirms its first-mover role in blockchain asset management by accepting a new source of wealth: With immediate effect, existing and new private banking clients can place their wealth originating from crypto assets and converted into fiat currency with Falcon.”, according to the press release.
The Bank applies required due diligence using specific tools to analyse the transaction history on the blockchain to ensure full compliance with AML (anti-money laundering) and KYC (know your client) laws and regulations. The auditor PricewaterhouseCoopers has reviewed the process.
Martin Keller, CEO Falcon Private Bank, on the expanded offering: “I am proud that Falcon reconfirms its reputation as a first-mover in blockchain asset management. With this initiative, we anticipate an increase in client demand for Falcon’s blockchain asset management services. Considering the latest developments of crypto assets, the launch of this innovative new offering is timely.”
Falcon Group is the first Swiss private bank to provide blockchain asset management solutions for its clients through the cooperation with Bitcoin Suisse AG. There are currently over 1’000 different cryptocurrencies, with Bitcoin and Ether being by far the most dominant in terms of capitalisation and acceptance.
„You have wealth originating from crypto assets that was subsequently converted into a Fiat currency? We have the right process – in line with all compliance provisions – that enables us to accept such wealth.”, the bank says.
The blockchain asset management offering includes:
. Investments in Bitcoins, Ether, Litecoins and Bitcoin Cash without having to worry about trading and safe storage,
. Buying, custody, selling and reporting of the mentioned blockchain assets – all in one place,
. Acceptance of wealth originating from crypto assets that was subsequently converted into a Fiat currency.
Anders Olofsson – former Head of Payments Finastra
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