Swiss private bank Falcon enters bitcoin market

A boutique investment firm in Switzerland has begun offering to buy bitcoins for its wealthy clients.

Zurich-based Falcon Private Bank recently partnered with cryptocurrency broker Bitcoin Suisse and rolled out a blockchain asset management service. The product is approved by the state regulator Swiss Financial Market Supervisory Authority (FINMA), according to the company.

The service allows customers to exchange and hold bitcoins via Falcon using their cash holdings. The firm has also installed a bitcoin ATM in its headquarters, which the public can access during business hours.

“We are proud to be the first-mover in the Swiss private banking area to provide blockchain asset management for our clients,” Arthur Vayloyan, Falcon’s global head of products and services, said in a statement. “Falcon is convinced that the time is right to enter this nascent market and it is our firm belief that this new product will fulfil our clients’ future needs.”