Falcon Bank Launches Crypto Wealth Management Service

Falcon Private Bank turned to the cryptocurrency in July last year, providing blockchain asset management services to clients through an alliance with Bitcoin Suisse exchange
09 January 2018   837

Swiss private bank Falcon announced on January 9 it is offering clients a compliant process for investing wealth generated from trading in cryptocurrencies.

According to the Zurich-based bank, existing and new private banking clients can place their wealth originating from crypto assets and converted into fiat currency with Falcon.

The bank says it applies required due diligence using “specific tools” to analyse the transaction history on the blockchain to ensure full compliance with anti-money laundering and know your client laws and regulations.

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.

 

Martin Keller

CEO, Falcon Private Bank

The bank turned to the cryptocurrency in July last year, providing blockchain asset management services to clients through an alliance with currency exchange Bitcoin Suisse. Under the arrangement, approved by Swiss regulatory body Finma, clients can exchange and hold bitcoins via Falcon using their cash holdings.

Additionally, a Bitcoin ATM has been installed in the lobby of the bank's headquarters in Zurich and is accessible to the public during business hours.

German Exchange to launch Bitcoin Products

Deutsche Boerse, the Frankfurt Stock Exchange holder, is deciding about the providing cryptocurrency products
24 May 2018   75

Reporting in London on Wednesday, at a significant event of the sphere, Jeffrey Tessler (the firm's chief of customers, products and core markets), declared: "We are deep at work with it." Nevertheless, any move into the crypto space from the stock exchange might not be forthcoming fast. When CME Group and Cboe Global Markets both started bitcoin futures trading last December, Tessler further claimed during the event that Deutsche Boerse is "not at the same stage." According to his point of view, the company is attempting to understand the volatility of the bitcoin market first and insuring clients and regulators are "in line" before stepping ahead with any offerings.

Whilst a move into offering bitcoin products is not definite, the exchange has already been active in the blockchain field. Deutsche Boerse unvealed details to CoinDesk about its plan to move the majority of its post-trade services to a blockchain last June. It affirmed at the time that it was interested in building a system, using Hyperledger's open-source Fabric protocol, in order to transfer securities and move commercial bank money, while still undertaking cross-jurisdictional compliance with regulators.

Also, as recently as March, the group declared it wish to deploy a platform for more operative securities lending using R3's Corda blockchain tech.