Falcon Private Bank, the first Swiss bank to offer bitcoin blockchain asset management services, has announced it will add support for ether, litecoin, and bitcoin cash, effective August 22. In partnership with Bitcoin Suisse AG, Falcon Private Bank customers will be able to buy, hold, and sell ETH, BCH, and LTC.
It was just a month ago that the bank added support for bitcoin, but Arthur Vayloyan, Global Head Products & Services at Falcon Private Bank, said that their bitcoin asset management service was so well-received that they decided to add more cryptocurrencies to their platform:
We are pleased to add Ether, Litecoin and Bitcoin Cash to our services just a month after introducing blockchain asset management solutions with Bitcoin. The first reactions to our Bitcoin services have been very encouraging and we are convinced that by adding three new blockchain assets we will fulfill our clients’ future needs.
The Zurich-based bank–which also has locations in London, Luxembourg, Dubai, and Abu Dhabi–has provided wealth management services for more than 50 years and controls an estimated 14.6 billion CHF of client assets ($15.2 billion). CEO of Bitcoin Suisse AG Niklas Nikolajsen lauded the bank for taking the historic step of offering cryptocurrency directly to its clients while also receiving approval from the Swiss Financial Markets Regulatory Authority.
Bitcoin Suisse is proud to continue to support Falcon Private Banks product offering in the field of cryptoassets. Falcon Private Bank was the first bank to offer Bitcoin directly to its clients, and thus created history. Their decision to follow up by adding Ether as well as other crypto-assets has made them the go-to private bank for cryptoasset holders and investors.
Cryptocurrency Continues to Gain Legitimacy
Falcon Private Bank’s embrace of cryptocurrency is another example of the mainstream financial sector viewing digital currency as increasingly legitimate.
A former PayPal executive said he believes cryptocurrency is the fulfillment of PayPal’s original vision, and bitcoin legalization has bipartisan support from Australian legislators. The move is also beneficial for altcoins, which have struggled to gain the level of mainstream recognition bitcoin receives. This could set a precedent that will make it easier for other cryptocurrencies to gain acceptance in the traditional finance sector. No coin will benefit more than bitcoin cash, however; could another cryptocurrency garner support from an established bank within a month of its creation?
Featured image from Shutterstock.