Swiss private bank Falcon has introduced a new service allowing both private and institutional clients to make direct transfers of selected cryptocurrencies, it said in a press release yesterday (Jan 21).

Clients are able to transfer Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) to and from “segregated Falcon wallets”, and can convert crypto into fiat.

Clients can place trading orders through Falcon’s e-banking or relationship managers. Digital assets are included in portfolio statements for clients, as well as in tax reporting documents.

Falcon claims to provide secure storage thanks to a proprietary custody solution. Furthermore, it said it had developed a process to ensure “full compliance” with AML (anti-money laundering) and KYC (know-your-customer) laws and regulations.

With its latest service, Falcon also claims in its statement that it has “made blockchain assets fully bankable”. Falcon Private Bank was first permitted by the Swiss Financial Supervisory Authority (FINMA) to manage blockchain-based assets in July 2017.

Just last week, TheCryptoSight reported that another Swiss private bank, Vontobel, has started a full end-to-end digital assets custody service for its institutional clients.