Swiss Banks Offering Bitcoin Financial Services

Published Saturday, July 22, 2017 -
Swiss Banks Offering Bitcoin Financial Services

Bitcoin brings the world of finance into a different perspective with the coin now topping the two thousand traditional dollar mark. The use of Bitcoin to keep the identities of holders of the virtual currency private is gaining traction in many parts of the world especially for the participants of online gambling.

The coin has been up and down in value over the last year or so with recent values almost at the three thousand dollar level. The current situation is favourable for bitcoin users with bitcoin friendly jurisdictions creating trading platforms for the crypto currency. In recent weeks one boutique financial services bank in Zurich Switzerland has been authorized to hold bitcoin.  

The Falcon Private Bank has partnered with virtual money broker Bitcoin Suisse launching a blockchain asset management service. The service has been approved by the state regulator Swiss Financial Market Supervisory Authority (FINMA), according to Falcon. The service allows customers to exchange and hold bitcoins utilizing the Falcon Bank option by using real cash holdings.

Arthur Vayloyan, Falcon’s global head of products and services commented, “We are proud to be the first-mover in the Swiss private banking area to provide blockchain asset management for our clients,” adding, “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 Falcon Private Bank is not the only financial institution involved with bitcoin trading with online bank Swissquote announcing a partnership with Bitstamp to offer bitcoin trading with both the euro and U.S. dollar on its platform. Bitstamp will provide a full capacity program for all of Swissquote’s requirements. The two firms are planning  the expansion of the partnership “as Bitstamp brings Swissquote’s range of services to its customers.”

Bitstamp CEO Nejc Kodrič said, “The strong potential shown by digital currencies in their relatively short history has led to traditional financial markets looking for ways to get involved,”



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