Economy

Falcon group launches blockchain asset management service

Falcon group launches blockchain asset management service”

Falcon clients will be able to exchange and hold bitcoin using their cash holdings, and will gain access to blockchain assets with a convenient storage process.

The aim of the collaboration is to make Move Digital's Digital Asset Management and Investment Advisory Platform available to the rich clientele of the bank. Clients can check their bitcoin balances online, or via traditional bank statement.

Falcon claimed it was "writing history" by becoming the first private bank in the world to offer clients direct exposure to bitcoin and crypto assets.

Zurich-based Falcon Private Bank had the dubious honour of being the second bank forced to shut down in Singapore because of ties to alleged corruption and money-laundering, over its dealings with 1MDB, a Malaysian state fund which remains at the center of a billion-dollar graft probe.

Falcon has gone all in, installing a bitcoin ATM (automated teller machine) in the lobby of its Zurich branch near the Paradeplatz banking district.

According to Falcon, the new product represents a change in focus towards providing a unique client experience and digital excellence.

The firm, which has an office in London, will work in co-operation with Bitcoin Suisse AG who provide the infrastructure.

"Bitcoin Suisse is proud to support Falcon Private Bank in this historic product offering". Its value has still more than tripled in the previous year. Although crypto-assets have always been rather volatile, it is necessary to note the obvious improvement and boost in confidence taking place recent years.

This service, approved by Swiss financial regulator Finma, underlines the strategic repositioning of Falcon. With a few bank's worldwide beginning to offer bitcoin asset management services to clients, Nikolajsen is confident that other institutions will follow Falcon Bank's lead.

The broker has helped build a suite of bitcoin products, while providing services required to acquire, safeguard, track and trade crypto-assets for institutional and high net worth clients.

'This announcement marks a major leap for Bitcoin as an asset class and indeed for all the crypto-assets. "The door has been opened wide for an entirely new class of investors to engage in the crypto-asset market", Nikolajsen added. Let us know in the comments below.

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