Earlier this summer, a private Swiss bank began a cryptocurrency management service and now is broadening its new digital asset to add in new cryptocurrencies.
As reported by CoinDesk recently, Falcon Private Bank, announced that it will allow clients to buy and hold bitcoin within their accounts. It was all made possible through the partnership with brokerage service Bitcoin Suisse – privately operated registered Swiss crypto financial broker, asset manager, and service provider. The launch of the service came after consultations with the Swiss regulators, including the government body FINMA (Swiss Financial Market Supervisory Authority).
Now along with the newest cryptocurrency success, particularly Litecoin and Ether, the financial service took in action in order to expand its product line with the addition of Litecoin, Ether and Bitcoin Cash into its management. According to today’s announcement, starting from August 22, clients and users will be able to begin managing these digital assets.
It’s really a significant development, considering that it has been just a month since the initial service has begun operating, making it the event in which for the very first time a traditional bank has decided to offer digital currencies services to its customers. A year ago, Falcon Private Bank had over $14 billion in assets under its management.
Niklas Nikolajsen, CEO at Bitcoin Suisse AG, announced in a statement:
“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 crypto-asset holders and investors.”
When the company launched its Bitcoin Services, a Bitcoin ATM has been installed in the lobby of Falcon Private Bank’s headquarters in Zurich.