First Bank To Make Crypto-Trade Available: Bank Frick
A family-run financial institution based in Liechtenstein – Bank Frick, has declared on Wednesday [Feb 28] that the bank will be open to digital currencies investments. The pairing will be only available [maybe for now] on US Dollars, Euros and Swiss franc.
Its a historical mark in the ecosystem as this is the first time a bank makes transactions and trades directly available – in this case for Bitcoin, Litecoin, Bitcoin Cash, Ripple and Ethereum.
Chief Client Officer of Bank Frick – Hubert Büchel added:
“With our new offering, financial intermediaries such as asset managers and trustees can successfully differentiate themselves in the market and offer their customers added value. Intermediaries and their clients can easily get to know a new, exciting universe with these direct purchases, diversifying them and investing them without correlation to other asset classes. Investments in cryptocurrencies are highly speculative, which is why only a small amount of admixture in the portfolio is advisable.”
Based on Ether and Bitcoin in Sep 2017, it is the first financial institution to commence a virtual currency basket tracker certificates. From Jan this year, the value has gain to 238 percent.
Traders and investor have the opportunity to pair their digital currency of choice directly from the bank, however only once/day using the platform.
Various banks throughout Switzerland do deliver quite close to Bank’s Frick services, like IG Bank, Leonteq, Falcon, Cornerbank, Vontobel and Swissquote, but they do not readily accept trades on the coins.
According to the Liechtenstein and European (EU/EEA) law, Bank Frick is a completely automated and regulated bank. The strict standards also state that only identified and audited clients have the opportunity to invest in cryptocurrencies in their bank, and the origin of the client funds have to be reviewed and speculated in the process.
“Our services are in high demand from companies across Europe. The companies know that we reliably support them in implementing their cryptocurrency and blockchain business models in accordance with existing European regulations. Our goal is to bring crypto banking at least to the level of quality of classic banking.” – continued Hubert Büchel.
Another introduction by the financial institution that is taking major first steps are the so called ‘cold storage wallet’ that are isolated from the world wide web which conclude not being able to be accesses outside the bank servers.
The main goal is to bring in both quality and security, the crypto banking level like that of traditional banking. The event opened gates for a wide range of opportunities of cryptos and the technology behind the coins [blockchain] aiming the professional market part-takers.
As mentioned above, it is much likely that the bank will be adding more cryptocurrencies in the future those becoming a dreamy development ground for ICOs and startups due to their proactive effort on these emerging technology.