Switzerland is one of those countries which is relentlessly working towards embracing cryptocurrency and blockchain technology. While doing so the nation’s latest attempt has been noticed where Zurich based Swiss private banking boutique Falcon Private Bank has launched “Falcon Wallets” that claims to facilitate people for converting crypto into fiat with well-organized and speedy structure. A press release published on Jan. 21.
Now the direct transfer of assorted cryptocurrencies is possible from the institution’s own “segregated Falcon wallets” which is for both private and institutional investors. Also, the institution’s crypto service is meeting the requirements of local Anti-Money Laundering and Know Your Customer regulations.
Apparently, at present, the wallet would support four major cryptocurrencies: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH).
December, last year, for the fintech license and the blockchain assets-related companies, FINMA released guidelines which purportedly set to begin applying for the license starting from 2019.
Martin Keller, CEO of Falcon Private Bank expressed, “Once again Falcon has taken over the opportunity to show its expertise as a market leader in the digital assets space by merging traditional private banking services with innovative financial solutions.”
This is probably the ideal period to launch such an initiative as the banking industry is gaining awareness of the prospective nature of blockchain technology and its imminent future.
The establishment clearly declares in the document about the proprietary custody solution feature and feasibility for the secure storage of digital assets while focusing on the custodial service which has been undergone the auditing and examination measures by third-party providers regularly.
Falcon Private Bank to maintain the legacy of providing first-rate services to its customers, was already planning on managing blockchain-based assets for some time which gained the authorization later the approval from the Swiss Financial Supervisory Authority (FINMA) in July 2017.
Switzerland has been seen attempting hard to make sure that the regulatory framework doesn’t stop any blockchain-related innovation. Consistently the regulators are functioning towards the positive supervision which is quite applauding and great. Whereas other countries like India is still contemplating on the vague and unclear issues and China, which is in the process of proposing blockchain technology to settle the existing issues which are damaging their reputation due to terrible services such as identity verification, loan signing and so forth in the country.