Bank Frick announced it will be offering services for five popular cryptocurrencies.
On February 28, 2018, Liechtenstein-based Bank Frick revealed it will offer both investment opportunities and cold storage services for customers who dabble in cryptocurrencies.
A statement issued by the bank said that it will facilitate trades "within the fully regulated framework of the Bank's processes," and that the offering is "aimed at professional market participants and financial intermediaries." Bank Frick customers can now spend US dollars and Swiss francs to purchase cryptocurrencies that include Ether, bitcoin, bitcoin cash, Litecoin, and Ripple.
Chief Client Officer Hubert Büchel described how the new services will better serve the bank's clientele. "Financial intermediaries, such as asset managers and fiduciaries, can make use of our new offering to successfully differentiate themselves in the market and add value for their clients."
He went on to say:
"With these direct investments, intermediaries and their clients can easily get to know a new, exciting universe and diversify their portfolios. Investments in cryptocurrencies are highly speculative and so they should form only a small part of a portfolio."
As a fully regulated bank under both Liechtenstein and European Union laws, Bank Frick will take steps to track the sources of investment capital, complying with AML and KYC rules. In order to qualify for cryptocurrency investment services, clients will be expected to adhere to a verification and identification process.
Büchel said that the bank's capability to support and implement new business models while operating within regulatory frameworks has put its services in demand across Europe. "We aim to place crypto-banking on at least the same level of quality as traditional banking."
Bank Frick affirms that "cryptocurrencies are held in 'cold storage wallets,'" a measure meant to offer a "high level of protection against the loss or theft."
A similar service[1] has recently been hinted at by the Dutch multinational Rabobank Group, but the bank has yet to confirm whether the project will come to fruition.
Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.
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