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How Falcon Private Bank is Making Crypto Transfers and Fiat Conversions Possible

  By David Drake   Falcon Private Bank, a Switzerland-based bank, has announced that it now has a system that supports the direct transfer and storage of selected cryptocurrencies. The bank has introduced digital wallets called ‘Falcon Wallets’ that allow institutional and private customers to transfer cryptocurrencies as well as convert them to fiat. The digital coins that are currently supported by the bank are Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. In doing so, Falcon Bank has made these digital assets ‘fully bankable’ according to the report published on January 21. It has officially recognized them as virtual assets and even plans to include them in tax documents and portfolio statements. According to Martin Keller, CEO of the Falcon Private Bank, noted that by merging innovative financial solutions with conventional banking services, the bank has once again demonstrated its expertise and positioned itself as a leader in the virtual assets ... Read More »

Will the Decision to Make Digital Assets Bankable Promote Crypto Industry Growth?

  By David Drake   Utilization of cryptocurrencies and blockchain in the banking sector is not an entirely new concept. Banks around the globe have either reacted positively or negatively to crypto implementation. Blockchain technology has, however, evolved from being ignored and seen in a bad light, to providing innovative solutions in the banking industry. On realizing its potential, banks are finding ways to create applications that make transactions cheaper, faster and less complicated. Falcon’s Move Just recently, Falcon, a Swiss private bank, has initiated direct transfers of and conversion of select cryptocurrencies into fiat money. At the moment, the bank is working with Bitcoin, Bitcoin Cash, Ether and Litecoin. This move by the bank makes crypto assets fully bankable, which means crypto investors can easily place an order to trade either through the bank or e-banking. In addition, the bank will incorporate crypto assets in portfolio statements and tax ... Read More »

Why Falcon’s Digital Asset Service will Promote Crypto Integration in the Banking Sector

  By David Drake   Despite significant technological advancements, cryptocurrency critics have been described as a bubble that would burst and have adverse effects on its holders. This idea has largely been propagated in the banking sector because cryptocurrencies have been perceived as destructive to the already established business status quo. However, the reality is changing and slowly, banks are beginning to view cryptocurrencies as tools that are capable of  transforming the financial sector. This is evidenced by the fact that during the last G20 meeting, cryptocurrencies were mentioned as crucial towards building an open and resilient financial system. As a consequence, the banking sector has started to explore this space and some banks are on the path of launching relevant crypto products and services. One such bank is the Falcon Private Bank in Switzerland. This  bank has made big strides when it comes to providing banking services to the ... Read More »

Crypto vs Institutional Investors: What Issues Must Industry Players and Governments Address?

  By David Drake   Cryptocurrencies have captured the attention of a growing number of companies and institutions. The Dutch audit firm, KPMG, is among the latest firms to focus on cryptocurrencies. As one of the leading four global audit firms, KPMG launched a report that clearly shows digital assets are worth considering, but insist that institutionalization is key to their success. The utilization of blockchain and token transactions made KPMG believe that the tokenization will shape the global economy moving forward. For KPMG experts, tokenization will be one of the most impactful innovations powered by cryptocurrencies in the coming years. According to the report, digital currencies are capable of revolutionizing the financial sector by creating an open system. The Big Question Such a system would be free of centralized control, provide wide access to financial resources as well as affordable and faster payment solutions that connect people anywhere. Acknowledging ... Read More »

Government vs Industry Players: What Role Does Each Have in Bringing Institutional Capital to the Crypto Market?

  By David Drake   Cryptocurrencies are becoming essential to the global market. According to KPMG, they are indeed vital, but will take time before they reach their full potential. Currently, the crypto market is primarily speculation-driven as retail investors choose startups based on their ability of their crypto product to add value. Because of their nature and unpredictability, KPMG  suggests virtual currencies will need the input of institutional investors to flourish in future. Institutional investors such as hedge and grant funds are seen as key to contributing to the stability of digital currencies. They are likely to address inequity in the cryptomarket by allowing large volume trading without causing a crash in exchanges as recently witnessed in price drops. Over the years, institutional investors have steered clear of cryptocurrencies due to their unpredictability. However, as the potential of virtual currencies increases, investors are expanding their asset portfolios to include ... Read More »

Top 3 Ways to Attract Institutional Investors to Crypto Assets

  By David Drake   KPMG, a Big Four Audit Corporation, issued a report on last month agreeing, to a large extent, with the sentiments of other bullish investors that are already circling. According to the company, ignoring cryptocurrencies now is somewhat an impossibility. While institutional investors have remained on the fence regarding this nascent asset class, KPMG, in its 42-page long report, stated that this risk-averse group will likely embrace cryptocurrencies. For this company, it’s no longer a matter of whether or not the big players will hop on board. It is more of what governments and other key industry players should do to make this happen. The Necessary Action One of the major reasons institutional investors have not been keen to test the waters is the wide scale scamming of millions of dollars in funds. Many exchanges still operate under unregulated schemes as governments struggle to adapt to ... Read More »

What Really Needs to Happen to Attract Institutional Participation In Crypto-Assets?

  By David Drake   Crypto-assets are worth paying attention to, according a report recently released by KPMG. The audit firm points out that crypto-assets have the potential to solve some of the challenges that current economies face but must first attract institutional participation. The report argues that institutions, such as exchanges, fintech companies, banks, payment providers, broker dealers, and others need to be involved in the cryptocurrency industry to ensure trust, utility and scalability is reached in the global financial system. But for such synergy to be achieved, what role should industry players and governments play? 1.  Regulation One of the most significant boosts that governments can offer the cryptocurrency industry is developing clear, crypto-friendly regulation. Companies involved in crypto-assets recognize the role that governments have in protecting customers through regulation within their jurisdictions. However, there is need to have progressive regulation tailored to the industry as opposed to ... Read More »

Will South Korea’s Move to Embrace Cryptos Improve Support for ICOs?

  by David Drake    Since January of this year, South Korea has been making headlines for taking drastic measures in the cryptocurrency industry. The country was the first to pass regulation requiring players in the industry to synchronize their trading details with those in the bank. The country even went further to  place a ban on initial coin offerings (ICOs). Despite all this, South Korea is now on the path to lessen these restrictions. The regulatory agency in the country, the Financial Services Commission (FSC), has made public its plans to actualize cross border regulation of cryptocurrencies. At the same time, the Bank of Korea has said that digital currency investments pose no threat to the financial market in the country. According to the bank, the balance of cryptocurrencies in domestic banks accounted for 8% of the total $1.79 million deposited in brokerage houses by the end of 2017. ... Read More »

How South Korea is Positioning Itself to become a Crypto Market Leader

  by David Drake     South Korea has been a key contributor to cryptocurrencies but in this country, the industry has had to contend with big challenges. Such challenges include an initial coin offerings (ICOs)  ban, regulatory changes and hackings that led to the loss of huge amounts of money, almost bringing the industry to its knees. However, things are beginning to take a turn for the better. The Bank of Korea has gone public saying cryptocurrency investments pose no significant risk to South Korea’s financial market. To back up its claim, Bank of Korea says domestic banks held cryptocurrencies valued at $1.79 billion by the end of December 2017, which translates to 8% of all deposits make in brokerage banks in the country. No Opposition Similarly, the Korean Financial Services Commission (FSC) confirmed that it is not opposed to cryptocurrencies because they do not pose significant risk to the ... Read More »

Will Korea’s Stance on Crypto Sway other G20 Summit Nations?

  by David Drake    After taking a series of hostile actions against the crypto market, South Korea’s Financial Services Commission (FSC) has declared that it does not oppose cryptocurrencies. For many people, this statement comes as a surprise considering that early this year, the regulatory authority launched a massive crackdown on crypto exchanges, shutting down a number of them, and even called for an initial coin offering (ICO) ban in the country. Across the globe, ICOs have gained popularity, raising upto to $13.7 billion in just five months of 2018 which more than double the amount raised in the whole of 2017. Some of the blockchain-backed ICO ideas that address real problems across sectors include IOU that provides consumer satisfaction solutions, Bitque in the decentralized system space and OptDyn in the cloud computing space. In the banking sector, Bank52 is improving collaboration and networking while in the social space, ... Read More »

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