There is already the first bank in Switzerland to offer services based on blockchain technology to manage funds in the clients' portfolio. In partnership with Bitcoin Suisse AG, Falcon Private Bank will deploy a decentralized application for asset management.
With the approval of the Swiss Financial Market Supervisory Authority (FINMA), the bank announced that it not only advances with the application of blockchain for the management of its clients' portfolios, but also The first in the country to offer simultaneous services with Bitcoin, as they will allow customers to exchange and maintain cryptoactives at the bank, using for exchange their cash funds.
The bank will also install ATMs at its Zurich headquarters, available in its lobby during office hours. This inclusion of cryptoactive services , according to Arthur Vayloyan, Global Director of Falcon Products and Services, is the result of the entity's alliance with Bitcoin Suisse AG and digital asset management company Move Digital in a significant strategy of Adoption that begins to pay off.
We are proud to be the first company in the Swiss private banking area to offer asset management through blockchain to our clients. Falcon is convinced that it is the right time to enter this nascent market and it is our firm conviction that this new product will meet our future needs of customers.
Arthur Vayloyan
Global Director of Products and Services, Falcon Private Bank Ltd.
For this alliance, Niklas Nikolajsen, CEO, Bitcoin Suisse AG, added that the implications of this new step with the European banking entity are of historical repercussions. "This is no less than a historic achievement for the entire crypto-ecosystem," he said.
Among those involved is also the consultancy PricewaterhouseCoopers , as auditor of the process. With this team, the important private entity of Switzerland marks another step forward in banking services, something that the country has been developing for some time, managing to get ahead of most of its neighbors in the continent.
In this way Falcon Bank is committed to the entry of this technology, being the first private entity of the country that makes a decision of this nature, which, if successful, could lead other institutions to take similar paths in terms of the criptoactivos and technology blockchain .