Again, we at FintekNews try (really hard) to focus on the U.S. fintech sector BUT since the rest of the world is speeding along in the fast lane while we in the U.S. are putting along in the slow lane some things have to reported. Case in point; Swiss private bank Falcon has a new bitcoin asset management division. Great new innovation and right on top of things. By the way, the Swiss (and the whole world) actually know what a bitcoin is AND accept it. Hello U.S. regulators.
(Bill Taylor/CEO)
"ZURICH (Reuters) - Wealthy clients of Swiss private bank Falcon will be able to store and trade bitcoins via their cash holdings with the bank from Wednesday, a move that signals the traction the virtual currency is gaining even in slow-changing asset management.
The group's new blockchain asset management service is being offered in partnership with cryptocurrency broker Bitcoin Suisse.
"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 fulfill our clients' future needs," he said.
Bitcoin, the primary cryptocurrency, relies on "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded with new bitcoins.
While some remain skeptical, investors have begun warming to the technology, wooed by its explosive performance and the potential that the currency can compete with gold and government-issued money as a store of value..."
Source: Reuters