The Liechtenstein family bank is one of the first traditional banks to open up investment in cryptocurrency to their clients.
“Bank Frick is the first financial institution in Liechtenstein to offer the trading of five leading cryptocurrencies and secure safekeeping via offline storage. Trading takes place within the fully regulated framework of the Bank’s processes. The offering is aimed at professional market participants and financial intermediaries.” as per the website.
Bank Frick has committed to a high level of protection against loss of theft of the crypto-assets and will hold the cryptocurrencies in cold storage wallets ensuring that they cannot be externally hacked.
Regulation of these cryptocurrency investments will be as strict as for traditional banking as Bank Frick is a fully regulated bank under Liechtenstein and European (EU/EEA) law. As per this law, clients need to be fully identified and verified before they can invest. Checking the origin of the money used to invest in them will also be a part of the verification process.
These cryptocurrencies, Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP) and Ether (ETH) can now be bought at Bank Frick using euros, US dollars, and Swiss francs.
This is an interesting development in a time where tradition banks have been closing down cryptocurrency business accounts. Will Regulators and Banks kill Bitcoin?
At the beginning of January 2018, a shock announcement from Bitwala to their clients was received. The announcement went into effect immediately without delay. Bitwala is a popular and growing blockchain banking service where many clients used Bitcoin to send & receive money, pay bills, and convert to load their VISA prepaid card.
However, Bitwala fought back with the announcement of launching a blockchain bank – read more Bitwala’s new Crypto Bank imminent
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