A lack of access to proper banking facilities is still a problem for many cryptocurrency-related businesses. Banks aren’t keen to open accounts for such companies and for many of them, this is simply not possible.
Fortunately, things are changing for the better and there are banks that see an opportunity, where others see only risk.
A Switzerland-based Falcon Private Bank has just introduced direct transfers of cryptocurrencies as the first Swiss private bank. According to the press release dated January 21, both private and institutional investors can “directly transfer cryptocurrencies to and from segregated Falcon wallets, as well as convert them into fiat money”.
At present, only selected coins are accepted for direct transfers. Bitcoin, Bitcoin Cash, Ether and Litecoin are supported right from the start.
Trading orders can be placed through e-banking or via a dedicated relationship manager. The digital assets will be included in all portfolio statements and tax documents. Falcon bank also provides secure storage in its “proprietary custody solution”. In the press release bank mentions that its custody solution has been audited and reviewed “by independent providers”.
Falcon boasts full compliance with AML (anti-money laundering) and KYC (know your client) regulations.
“Falcon has once more seized the opportunity to demonstrate its expertise as a market leader in the digital assets space by merging traditional private banking services with innovative financial solutions.” – Martin Keller, CEO Falcon Private Bank.
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