Bank Frick of Liechtenstein, a forerunner in offering virtual banking services, has announced they will be supporting crypto trading. The bank is offering five major coins for sale and will allow trading once daily.
Safer Purchases, real banking support
As cryptocurrency markets heat up, a few institutions are leading the way in making crypto services at least as safe as traditional banking. Bank Frick, located in Liechtenstein, is one such institution. The banking firm has announced that it will be supporting clients who wish to invest in cryptocurrency. On February 28th, the bank announced they will be allowing direct investment in cryptos. They plan to keep the assets in cold storage, under banking supervision. They are offering Bitcoin Cash, Bitcoin Core, Litecoin, Ripple and Ethereum for purchase. Trading will take place once a day. For those interested in purchasing, transactions will be possible using Euros, US dollars and Swiss Francs.
The overall goal of opening virtual coin trading up is to provide more security to clients. Bank Frick will be working with institutional traders and market makers in order to apply more traditional regulations to cryptocurrency banking. The funds will be physically separated from the internet, and activities will have to adhere to Liechtenstein and EU banking laws. Additionally, investors must show proof of identity and proof of funds. Requiring more transparency on the part of investors and their cash sources will hopefully weed out black market purchases.
Future positive growth for the bank
Bank Frick officials believe that offering this service will positively grow their brand. The bank services clients throughout the EU, and credits their own reliable support and code of ethics as the reason for client loyalty. In this new venture, Bank Frick will apply this level of support to cryptocurrencies and blockchains and will ensure adherence to current banking regulations.
In September of last year, Bank Frick began offering regional CHF basket trackers based on BTC and ETH. They were the first financial institution to create such offerings. Bank Frick outlined their strategy regarding digital markets as ‘future-oriented’. The institution feels that opening up trade for five major cryptos is perfectly in line with that. The bank has been watching as crypto spot markets have increased in value over the last year. Getting in on the 360% rise of cryptos is just good business for Bank Frick.