Switzerland’s Falcon Private Bank now allows its clients to buy, sell and hold bitcoin following the release of its first crypto-asset management product this week. It says it is the world’s first private bank to offer the service.
Clients will be able to directly manage their bitcoin through either their account manager or e-banking platform, and can monitor them via their online portfolio or through their standard account statements. A Bitcoin ATM is also available at Falcon Private Bank’s Zurich branch at Pelikanstrasse 37.
Bitcoin Suisse AG, a broker, asset manager and financial service provider specializing in crypto-assets, provides underlying infrastructure and support while also serving as the AML-regulated broker for the bank. They supply the crypto-payment solution infrastructure for Zug, Switzerland, the first public entity to accept cryptocurrencies 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,” Bitcoin Suisse AG CEO Niklas Nikolajsen said. “A bank offering crypto-assets is a game changer, as it gives institutional clients and high net worth individuals a counterparty in regard to crypto-assets upon which they can rely, a regulated Swiss bank.
“Because of its cryptographically-limited supply and its unique set of properties, in just a few short years Bitcoin has swiftly become a peerless store of value. With the recent growth in market capitalization and liquidity, Bitcoin and the other major crypto-assets offer a way to diversify cash holdings. While the volatility of crypto-assets has historically been very high, the trend the past few years has been very positive, as adaption has grown, with the Falcon Private Bank offering now definitively bridging the gap between crypto- and traditional finance. This past year, high net worth individuals and institutions have increasingly demanded access to directly invest and diversify into Bitcoin through a trustworthy and regulated financial institution.”