Bitcoins to be accepted by Swiss private bank
Zurich-based Falcon Private Bank has become the first mainstream wealth manager in the country to allow clients to invest bitcoins in their portfolios.
The move to accept the cryptocurrency has been approved by the Swiss financial regulator.
Falcon’s partner in offering the service is cryptocurrency brokerage Bitcoin Suisse, which says that the bank is most likely the first private bank in the world to offer crypto-assets directly to their clients. The bank says it’s introduced the service in response to demand from clients. It has also installed a bitcoin ATM at its Zurich headquarters.
The mainstream banking community has been sceptical about engaging with cryptocurrencies, fearing that the decentralised blockchain technology on which it operates is a rival to the financial system.