Ripple’s native cryptocurrency, XRP, and its rival cryptocurrency, XLM, received support via an announcement from a 50-year old bank, Falcon Private Bank, based in Switzerland.
Falcon Private Bank’s blockchain solutions is a regulated, secure, and convenient banking solution for blockchain assets. Some of the supported assets include Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH], and Litecoin [LTC]. However, in a recent announcement, XRP and XLM were also added to this list.
“Falcon has developed audited processes allowing to execute a broad range of transactions with blockchain assets – in line with regulatory and compliance requirements. Clients can purchase cryptocurrencies via the bank, directly transfer them to and from their segregated Falcon wallets, and convert them into fiat currencies.”
The official Twitter account of Falcon Private bank tweeted,
“Proud to introduce trading and custody for XRP and Stellar Lumens. Discover our full range of blockchain solutions.”
Falcon allows clients to directly transfer selected cryptocurrencies to and from segregated Falcon wallets. Since it also provides custody solutions, it will also manage clients’ cryptocurrencies in Falcon’s cold storage.
The bank also revealed that they are keeping a close eye on small-cap assets and their developments, while heeding the demands of clients so as to increase their blockchain offering.
Providing custody solutions and a platform for clients is an industry in its own and is on the rise. Some of the big names in the industry include Fidelity, ErisX, Intercontinental Exchange’s, Bakkt, and Seed CX.