Customers of a Swiss private bank can now use a wallet with built-in fiat conversion capabilities for their crypto investments.
Exchanging cryptocurrencies — including conversion to fiat
There are many crypto wallets that allow the purchase of digital currencies using various fiat currencies. Direct conversion back into “real” money, however, is not yet an industry standard. Thanks to Falcon Private Bank, based in Switzerland — a European crypto hub — investors now have the option not only to swap several major digital currencies directly but also to convert their holdings in the virtual wallet into fiat currency with minimal effort.
Four digital currencies supported at launch
Conversions reflect current market exchange rates. The bank describes the four initially integrated digital currencies as “bankable.” Available assets include Bitcoin and Bitcoin Cash, as well as Ethereum and Litecoin. For fiat withdrawals, the bank also ensures that crypto assets are included in tax-relevant documentation and reflected on statements tied to the digital account.
New service complements the existing portfolio
Falcon Private Bank received authorization from the Swiss Financial Market Supervisory Authority (FINMA) approximately eighteen months ago. Media coverage notes that the bank complies with all applicable requirements in the fight against international money laundering. The wallet therefore operates on a similar level to traditional bank accounts and follows the regulatory standards that apply in this area. Falcon focuses part of its business on blockchain-related services. According to current information, the wallet is suitable for private users as well as corporate and institutional clients.