Falcon becomes blockchain pioneer
Since Wednesday, clients of Falcon Private Bank have been able to acquire, hold and liquidate Bitcoin through the bank. The Zurich-based private bank is making history with the move, becoming the world’s first bank to own Bitcoin itself and to offer its clients access to crypto assets.
Falcon’s clients can buy Bitcoin via online banking or their account manager, and can monitor their holdings online or in their account statements. Furthermore, a Bitcoin cash machine will be available for clients in the bank’s Zurich branch at Pelikanstrasse 37.
For its new service, Falcon is cooperating with the Zug-based Bitcoin Suisse AG, which is providing the bank with the necessary infrastructure. Bitcoin Suisse also provides the infrastructure for the town of Zug. On 1st July 2016, Zug became the first public entity worldwide to accept Bitcoin and other crypto-assets as payment for public services.
“Falcon Private Bank is, to my knowledge, the first private bank worldwide to offer crypto-assets directly to their clients. It has been a pleasure assisting Falcon in realizing this product offering, which is nothing less than a historic milestone for Bitcoin and for the entire crypto-financial space,” commented Niklas Nikolajsen, CEO of Bitcoin Suisse AG, in a statement.
He added: “This announcement marks a major leap for Bitcoin as an asset class and indeed for all the crypto-assets.” Nikolajsen continued that the door has been opened for an entirely new class of investors, adding that he is confident that other institutions will follow Falcon’s lead.
According to the Bitcoin Suisse CEO, Switzerland is a critical market for establishing Bitcoin and crypto-assets worldwide. He said: “Switzerland is not only historically one of the most important and trustworthy financial markets in the world, it is also currently at the forefront of FinTech development, and has probably the most progressive regulatory framework for crypto-finance anywhere in the world.”
He also praised the clear rules of engagement for dealing with digital finance established by the Swiss financial market supervising authority (Finma), concluding: “Switzerland has become a role model for the transparent and regulatory safe business in Bitcoin- and crypto-asset space.”