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Liechtenstein Bank Offers Account Holders Direct Crypto Investments
This week the private bank headquartered in the Principality of Liechtenstein, Bank Frick, announced its customers will now have the ability to directly invest in cryptocurrencies. According to the financial institution, the company will offer account holders the means to purchase fives different cryptocurrencies that will be held in cold storage using the bank’s platform.
_**Also Read: **Australian High School to Host Information Night on Cryptocurrencies _
Bank Frick Offers Direct Crypto Purchases Held in Cold Storage for Euros, Dollars, and Swiss Francs
Bank Frick is a banking firm based in Liechtenstein that offers private financial services for a wide array of international clientele. On February 28 the bank announced it was enabling direct cryptocurrency investment for customers and the digital assets will be kept in cold storage under the bank’s supervision. Bank Frick is initially offering five cryptocurrencies including bitcoin core, bitcoin cash, litecoin, ripple, and ethereum.
“Starting today, professional market participants and financial intermediaries are able to invest in the five leading cryptocurrencies,” explains the Liechtenstein bank.
The cryptocurrencies can be bought using euros, US dollars and Swiss francs. Trading takes place once a day.
<figure id="attachment_122802" style="max-width: 510px" class="wp-caption aligncenter">
<figcaption class="wp-caption-text">Bank Frick will offer BTC, LTC, ETH, BCH, and XRP.</figcaption>
‘Crypto-Banking and Traditional Banking’
Bank Frick hopes it can offer institutional traders and market makers stronger protection from theft alongside traditional regulations that are applied to other asset classes. For instance, the bank says all the funds will be “physically separated from the Internet” by utilizing cold storage devices. Moreover, the company will make sure its cryptocurrency trading activities and account holders follow Liechtenstein and European (EU/EEA) laws. Bank Frick explains that all interested parties will have to initiate the verification process.
“Clients can only invest in cryptocurrencies once they have been fully identified and verified,” the bank details. “The verification and identification process also involves checking the origin of the money used to invest in them.”
The bank’s Chief Client Officer Hubert Büchel adds:
Our services are in demand from companies across the whole of Europe. This is because they know that we can offer them reliable support in implementing their business models with cryptocurrencies and blockchains in line with the existing regulatory framework — We aim to place crypto-banking on at least the same level of quality as traditional banking.
The Liechtenstein Bank’s Future-Oriented Digital Strategy
Bank Frick details the business move is in line with its “future-oriented digital strategy.” Back in September of 2017, the company became the first financial institution to offer regional CHF basket trackers based on BTC and ETH. These investments have increased in value exponentially following the rise of cryptocurrency spot markets last year as the trackers surpassed 360 percent on January 10th.
What do you think about Bank Frick offering direct investments into cryptocurrencies like ethereum and bitcoin cash? Let us know your thoughts on this subject in the comments below.
Images via Bank Frick websites, and Pixabay.
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The post Liechtenstein Bank Offers Account Holders Direct Crypto Investments appeared first on Bitcoin News.
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