Despite the fact that many governments and central banks still criticize the cryptocurrency sector, there are other countries that are essentially racing to be the next blockchain hub. One of those is Malta, whose prime minister has been vocal about the fact that he believes that crypto is the “future of money”. Another country is Switzerland, which has been attempting to make sure that regulatory framework doesn’t stop any blockchain-related innovation.
Switzerland-based Falcon Bank has apparently now launched “Falcon Wallets” that allow individuals to convert crypto into fiat quickly and efficiently. The wallets only currently support four major cryptocurrencies: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH).
Make Crypto Bankable
The move comes at a perfect time, where it seems that more banks are realizing the potential of blockchain technology to help the sector rather than be a threat to it. However, many banks still have not attempted to actually step into the cryptocurrency world, but simply propose blockchain solutions for issues that plague the sector. Notably, almost half of China’s state banks now use blockchain for problems such as identity verification and loan signing, and this was in 2017.
Falcon Private Bank has also been interested for some time, as it was already planning on managing blockchain-based assets for some time now, gaining the authorization to do so in 2017, as well. Falcon Private Bank is headquartered in Zurich, Switzerland.
Making It Easier
It is clear that the bank understands that there is a market for individuals who want a faster and quicker way to withdraw crypto profits, whether they are investors or traders.
The CEO of Falcon Private Bank, Martin Keller, offered this statement: “Falcon has once more seized the opportunity to demonstrate its expertise as a market leader in the digital assets space by merging traditional private banking services with innovative financial solutions.”