Swiss banking institution Falcon has introduced the ability for its users to directly transfer cryptocurrencies. Falcon is allowing its high-value clients the ability to use the conventional banking features they’re used to having with fiat deposits with Bitcoin, Bitcoin Cash, Ether and Litecoin.
In the announcement, Falcon described itself as strengthening ‘its first mover position in blockchain banking’ which builds on its history as ‘the first private Swiss bank.’ Indeed, Falcon is a bank which services large institutions and extremely wealthy private individuals. Falcon is rolling out dedicated wallets with which its clients can transfer crypto to and from other exchanges, and directly trade crypto to fiat and back.
Switzerland, in line with their reputation as the banking epicenter of the world, has taken to crypto development quite strongly, and this trend is likely to continue with the country’s new pro-crypto head of state, President Ueli Maurer. Falcon is based in the city of Zug, which has earned the moniker 'Crypto Valley' due to its high density of crypto firms and friendly regulation.
While Falcon’s banking services are accessible only to the uber-rich, the move might presage the spread of similar crypto banking features to less and less specialized financial institutions. If Falcon is, as they claim, demonstrating ‘its expertise as a market leader,’ mainstream banks around the world might soon bring the ability to bank with crypto to the rest of us.