Swiss regulators have given Zurich-based Falcon Private Bank approval to provide its clients with Bitcoin asset management offerings. On Wednesday, the bank began offering customers the ability to trade Bitcoin using their cash deposits. Falcon has partnered with Swiss cryptocurrency broker Bitcoin Suisse, which will provide the bank with access to the digital currency.
According to a CNBC report, Falcon product and services head Arthur Vayloyan, the bank views the decision to offer Bitcoin trading and storage as an important strategic move:
“People here are thinking this is beyond bitcoin. This is a new chapter in how we exchange money. As a financial services partner, I think we have to become part of that strategy.”
Bitcoin Suisse CEO Niklas Nikolajsen predicted that other banks will soon follow suit. He told CNBC that “the genie is out of the bottle” – and suggested that digital currency assets have demonstrated that they have a “value proposition” that can no longer be ignored.
Given the important leadership role that Swiss banking plays in terms of best practices, any move toward greater acceptance of cryptocurrency within that country’s financial industry could be an important step toward bringing digital currency into the mainstream of global society.