Bank Frick, announced last Wednesday (Feb 28) that the bank will be open to cryptocurrency investments. The pairing will be only available in US Dollars, Euros and Swiss franc. Bank Frick said that the first batch of cryptocurrencies to be available for trading will include bitcoin, bitcoin cash, litecoin, Ripple and ether. The bank said it is targeting institutional and high-value private clients.
This is a World first for a bank to directly make transactions and trades directly available in crypto, 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.”
In Sep 2017, it was the first financial institution to commence a virtual currency basket tracker certificates based on bitcoin and ehter. From Jan this year, the value of the tracker has gained 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.
According to the Liechtenstein and European (EU/EEA) law, Bank Frick is a completely 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 approved.
Hubert Büchel continued:
“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.”
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.
As reported by CoinDaily, Falcon Group, a Swiss private bank, has also started offering a bitcoin purchasing service through clients’ traditional accounts in partnership with the bitcoin brokerage firm Bitcoin Suisse AG.