Switzerland's financial markets regulator has approved the first Swiss private bank for bitcoin asset management, potentially paving the way for other global banks to offer digital currency products.
Zurich-based Falcon Private Bank announced Wednesday that the Swiss Financial Market Supervisory Authority, or FINMA, gave the bank the green light on managing assets based on the blockchain technology behind bitcoin and other digital currencies.
Falcon has installed a bitcoin ATM in its Zurich headquarters lobby that allows clients to withdraw bitcoin to their phones. As a private bank, Falcon has an official minimum of 2 million Swiss francs for clients, but Vayloyan said the firm could consider clients with assets of more than several thousand francs.
Trader I. Ivanov
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