Swiss Bank to sell Bitcoin Cash to Customers

[CryptosapienZA]

A private Swiss bank is expanding a digital asset management service it launched earlier this summer to include new cryptocurrencies.

Falcon Private Bank, as previously reported by CoinDesk, revealed that it would allow its customers to buy and hold bitcoin within their accounts through a partnership with brokerage service Bitcoin Suisse. The launch was said to come after consultations with Swiss regulators, including the Swiss Financial Market Supervisory Authority (FINMA).

Now, that product line is expanding to include ether, litecoin and bitcoin cash. Customers of the bank will be able to start buying and holding those cryptocurrencies from August 22, according to today's announcement.

It’s a notable development, given that the initial service was brought online just over a month ago, marking the first time a traditional bank has moved to offer cryptocurrency services to its clients. As of last year, Falcon Private Bank had more than $14 billion in assets under its control.

"Falcon Private Bank was the first bank to offer bitcoin directly to its clients, and thus created history," Bitcoin Suisse CEO Niklas Nikolajsen said in a statement. "Their decision to follow up by adding ether as well as other crypto-assets has made them the go-to private bank for crypto-asset holders and investors."

At the time of its bitcoin service launch, Falcon also moved to install a bitcoin ATM in its Zurich headquarters.

https://www.coindesk.com/swiss-bank-to-sell-ether-and-bitcoin-cash-to-customers/?utm_content=buffer965a2&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

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[Zuilhsa]

Heard that already Swiss is one among the country that focus much into digital growth. As a part already botcoin is quiet popular as well it has got more bitcoin ATM's. Recently Swiss created its own coin for the use within the country. This is just an digital form of fiat that is used around.

[nexus99]

This is certainly a historical event! However, it's hard to imagine crypto assets being operated with in a bank environment. We'll have to see what happens

[LeGaulois]

How to be more easily tracked by your country institutions  
I say this because most Europeans citizen need to report each bank account they own in a foreign country, and now between European countries and OECD members, it is done automatically

[xenomorphe1]

Great news for Bitcoin owners! It will facilitate the exchange of Bitcoin with flat currencies.

[severaldetails]

When it comes to money Switzerland has always been a class of its own.
Their banks are good at investigating concepts and businesses.
And when they support the digital currencies, I am getting more convinced than ever that we are on the right track.

[iamTom123]

Heard that already Swiss is one among the country that focus much into digital growth. As a part already botcoin is quiet popular as well it has got more bitcoin ATM's. Recently Swiss created its own coin for the use within the country. This is just an digital form of fiat that is used around.

Switzerland is actually a country known for its very strict bank secrecy law and that is why it became a haven for well-known leaders and other personalities who wanted to hide the money they got either legally or illegally. Now, I am not wondering why Switzerland is also very much interested with cryptocurrency because it jives with their tendency top never ever disclose any details to anyone...in others words they love anonymity. One day wealthy people would be depositing their hoard of Bitcoin in a bank of Switzerland (hope their banks would be offering this soon!).

[MrGunkin]

Yeah, great news for bitcoin, can grow above 5000 in next week.
Falcon Private Bank is stepping in step with the times, offering its client to store money in bitcoins, installing ATMs supporting bitcoins. The main thing is all legal and is an example for the rest of the world where they are suspicious of bitcoin.

[Prem.Soorajpaul]

Good news for the Swiss! This is what I like about Switzerland. The government is not afraid of new technology such as Bitcoins. Perhaps Switzerland is the most Bitcoin-friendly nation in the entire European continent.

[wantjokull]

This is good news but with the good news there are few questions arising for me. Swiss bank as we know is the top most bank in saving up black money without any restrictions, is now moving towards digital assets like bitcoin? But why that upgrade and how it will benefit the Swiss as bitcoin is completely decentralised and I’m wondering how a bank can own a coin to get profit of it. Of course they are not launching that coin out of fun and they just want profits as well but why a decentralised system being private financial institute?


They want add up the ether based coins, thats rubbish for me, a trillion dollar entity is thinking about something so small. I don’t understand or may be I’m not able to grasp what they want to achieve from it. Help me out here.

[OMGyasuo]

Developing this service will probably drive people to know and use btc. This service along with the expansion of the Swiss bitcoin ATM system will encourage the btc trading market to expand, enabling us to trade.

[noodle_dam]

This is very good news and a VERY good sign that it's coming from such a trustworthy company/heritage. I would totally open a bank account with them since they also allow non-residents "just" because they are offering openness to emerging crypto industries.

[aoluain]

A private Swiss bank is expanding a digital asset management service it launched earlier this summer to include new cryptocurrencies.

Falcon Private Bank, as previously reported by CoinDesk, revealed that it would allow its customers to buy and hold bitcoin within their accounts through a partnership with brokerage service Bitcoin Suisse. The launch was said to come after consultations with Swiss regulators, including the Swiss Financial Market Supervisory Authority (FINMA).

Now, that product line is expanding to include ether, litecoin and bitcoin cash. Customers of the bank will be able to start buying and holding those cryptocurrencies from August 22, according to today's announcement.

It’s a notable development, given that the initial service was brought online just over a month ago, marking the first time a traditional bank has moved to offer cryptocurrency services to its clients. As of last year, Falcon Private Bank had more than $14 billion in assets under its control.

"Falcon Private Bank was the first bank to offer bitcoin directly to its clients, and thus created history," Bitcoin Suisse CEO Niklas Nikolajsen said in a statement. "Their decision to follow up by adding ether as well as other crypto-assets has made them the go-to private bank for crypto-asset holders and investors."

At the time of its bitcoin service launch, Falcon also moved to install a bitcoin ATM in its Zurich headquarters.

https://www.coindesk.com/swiss-bank-to-sell-ether-and-bitcoin-cash-to-customers/?utm_content=buffer965a2&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

The key word in this is "Private"
Its a private bank so they can offer almost any currency they
like for their private customers.

Heard that already Swiss is one among the country that focus much into digital growth. As a part already botcoin is quiet popular as well it has got more bitcoin ATM's. Recently Swiss created its own coin for the use within the country. This is just an digital form of fiat that is used around.

Switzerland is actually a country known for its very strict bank secrecy law and that is why it became a haven for well-known leaders and other personalities who wanted to hide the money they got either legally or illegally.

this brings a whole new meaning to the term "swiss bank account" which has indeed
been known in the past as a haven for storing and hiding funds that people dont want tracked!

[JimmieA]

Developing this service will probably drive people to know and use btc. This service along with the expansion of the Swiss bitcoin ATM system will encourage the btc trading market to expand, enabling us to trade.

That right !! Developing this service makes it easy for people to trade and perform operations with ease. As the market is expanded and bitcoins appear everywhere, btc becomes the most powerful global currency ever which become easier. But if this is a state bank, will btc be managed and centralized ?? If so then this is not really good at all ...

[Dudeperfect]

I think it would bring some force in Bitcoin user community which could boost the price even further but I am expecting more clarity from the financial institutions which are willing to add Bitcoin or any crypto currencies to their service list. As we all know that not every exchange has the same rate of exchange so what about exchange rates when the user is willing to cash out his funds in the form of Bitcoin? I have seen some companies taking about 20%+ as margin in conversion which makes no sense in converting the values.

[Kprawn]

This is exactly what I predicted. Some "assh@le" banks think they have a monopoly and then they close people's accounts when

they find out that they are trading in Bitcoin and then banks like this come along and sweep up the business that these banks push

away. If my banks did this to me, I would shit talk against them to all my friends and kill them off with word of mouth.  They

only listen when big clients start to leave. 

[Celsiuss]

This is a huge step to get more "regular" people to get into bitcoin. I think banks should start adopting bitcoins. Even though when the banks are controlling the coins, it's important for the development of its popularity among regular people.

[Yakamoto]

If they want to try and branch out their services in an effort to acquire more money then I say fine by me, but they should, at the very least, make sure that their customers know the difference between Bitcoin and Bitcoin Cash before they start to sell it to them. It wouldn't be good for business (or PR) if there was suddenly a ton of people buying BCH and thinking they were just getting a really, really good deal on some Bitcoin.

At least they're including Ethereum and Litecoin along with it. I wonder how much they're going to be making one ETH becomes proof of stake, though...

[electronicash]

This is a huge step to get more "regular" people to get into bitcoin. I think banks should start adopting bitcoins. Even though when the banks are controlling the coins, it's important for the development of its popularity among regular people.

all for the adoption really. maybe if one day we can also cash out the rest of the token like ETH then we might not bother whether banks have all the btc. because by then there would be a lot of option. banks may even help makes btc price goes $500K if its becoming very rare.

If they want to try and branch out their services in an effort to acquire more money then I say fine by me, but they should, at the very least, make sure that their customers know the difference between Bitcoin and Bitcoin Cash before they start to sell it to them. It wouldn't be good for business (or PR) if there was suddenly a ton of people buying BCH and thinking they were just getting a really, really good deal on some Bitcoin.

At least they're including Ethereum and Litecoin along with it. I wonder how much they're going to be making one ETH becomes proof of stake, though...

maybe even provide an hour of orientation regarding the technology and differences to other coins.

[olubams]

A private Swiss bank is expanding a digital asset management service it launched earlier this summer to include new cryptocurrencies.

Falcon Private Bank, as previously reported by CoinDesk, revealed that it would allow its customers to buy and hold bitcoin within their accounts through a partnership with brokerage service Bitcoin Suisse. The launch was said to come after consultations with Swiss regulators, including the Swiss Financial Market Supervisory Authority (FINMA).

Now, that product line is expanding to include ether, litecoin and bitcoin cash. Customers of the bank will be able to start buying and holding those cryptocurrencies from August 22, according to today's announcement.

It’s a notable development, given that the initial service was brought online just over a month ago, marking the first time a traditional bank has moved to offer cryptocurrency services to its clients. As of last year, Falcon Private Bank had more than $14 billion in assets under its control.

"Falcon Private Bank was the first bank to offer bitcoin directly to its clients, and thus created history," Bitcoin Suisse CEO Niklas Nikolajsen said in a statement. "Their decision to follow up by adding ether as well as other crypto-assets has made them the go-to private bank for crypto-asset holders and investors."

At the time of its bitcoin service launch, Falcon also moved to install a bitcoin ATM in its Zurich headquarters.

https://www.coindesk.com/swiss-bank-to-sell-ether-and-bitcoin-cash-to-customers/?utm_content=buffer965a2&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

If they are increasing their investment in the cryto market and thereby increasing the awareness of the crypto which mostly revolve around bitcoin, then I don't have any issue but selling Bitcoin cash to clients without even waiting a while to understand how far it will go is what I have issues with because a lot of innocent citizens might be deceived thinking they are buying bitcoin and unfortunately if they lose, they then assume its bitcoin making them lose money.