Bank Frick became the first financial institution in Liechtenstein that launched a cryptocurrency trading platform, which would allow citizens to purchase direct investments in five leading cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP) and Ether (ETH).
Trading takes place once a day and the cryptocurrencies can be bought using Euros, US dollars and Swiss francs.
According to the bank official statement, it will be possible to invest in cryptocurrencies only if the client is fully identified and verified. The bank is also going to check the origin of the money used to invest in crypto.
“Bank Frick offers a particularly high level of protection against the loss or theft of crypto-assets. At Bank Frick, cryptocurrencies are held in “cold storage wallets”. Cold storage wallets are physically separated from the Internet and they therefore cannot be externally hacked. The wallets and their backup copies are held securely on a georedundant basis,” the bank announced.
Chief Client Officer at Bank Frick Hubert Büchel stated the bank intends to incorporate crypto-banking at the same quality level as traditional banking.
“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 blockchain in line with the existing regulatory framework,” he added.
He noted that “with these direct investments, intermediaries and their clients can easily get to know a new, exciting universe and diversify their portfolios.”
Let us remind that in September 2017 Bank Frick became the first bank in the CHF area to launch a cryptocurrency basket tracker based on BTC and ETH.
Situated in Central Europe with a population of less than 40,000 people, Liechtenstein is a German-speaking microstate, which borders with Switzerland to the West and South and Austria to the East and North. It is headed by the Prince of Liechtenstein, though his son Crown Prince Alois now holds the power.
Earlier this month, while talking to CNBC, The Crown Prince Alois spoke about his intentions to invest in crypto. He stated that blockchain and cryptocurrencies like bitcoin could be one way to help his family restore its wealth.
“Particularly with this whole new digital economy, it is something to look into more into in the future… Blockchain will change a lot of things, it could even help make our state more efficient the way it is administered,” he concluded.