Swiss captivated by blockchain's charms

Swiss captivated by blockchain’s charms

Falcon is the “first” Swiss private bank to provide blockchain asset management solutions for its clients through a new co-operation with crypto financial broker Bitcoin Suisse.

The bank’s 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 for the public during business hours.

Arthur Vayloyan, global head products and services, Falcon Private Bank, says following its partnership with Move Digital, a provider of digital asset management and investment advisory systems, this is a “further tangible element of our new strategy”.

He adds: “Falcon is convinced that the time is right to enter this nascent market and it is our firm belief that this new product will fulfil our clients’ future needs.”

The deal has met the approval of the Swiss Financial Market Supervisory Authority (FINMA) “after an in-depth enquiry”.

Falcon also has locations in Abu Dhabi, Dubai, London and Luxembourg.

Locked in

Across Switzerland there has been a great interest in blockchain and cryptocurrencies.

Last month, Banking Technology was at the Avaloq Community Conference in Zurich – where the private banking software vendor revealed an interest in blockchain and Bitcoin banklets.

In March, it was reported that Crypto Valley Association launched as the nation looked to boost its blockchain and cryptographic ecosystem.

In the same month, SIX Securities Services, Switzerland’s post-trade market infrastructure, said it had developed – “and intends to deploy” – a new bond issuing solution based on the distributed ledger technology (DLT).

While last year, EY Switzerland said it will become the first consulting firm to accept Bitcoin for its services.