The country of Lichtenstein is a well known financial safehaven and money center in Europe, with high net worth investors flocking to their banking system for asset protection and diversification.
Now those investors will be able to buy crypto currencies directly from Bank Frick, an institution providing private banking services to clients.
As Philipp Traugott of Captain Alt Coin reports, the bank will now allow the direct purchase of five popular cryptocurrencies and to store those currencies within secure cold wallet environment:
Professional investors and financial intermediaries can invest in the digital currencies Bitcoin, Bitcoin Cash, Ether, Ripple and Litecoin once a day via the Frick “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, “explains Chief Client Officer Hubert Büchel. “Our goal is to bring crypto banking at least to the level of quality of classic banking.”platform. Cornerbank, Falcon, IG Bank, Leonteq, Swissquote and Vontobel already offer similar services in Switzerland.
Frick says that clients have the option of storing their currencies in an unhackable environment:
Bank Frick offers extra protection against the loss or theft of cryptoassets. At Bank Frick, cryptocurrencies are kept in so-called cold storage wallets. Cold storage wallets are physically isolated from the Internet and therefore can not be hacked from the outside. The wallets and their backup copies are stored in a geo-redundant and secure manner.
According to the bank’s Chief Client Officer Hubert Büchel, his firm offers a variety of digital asset services to the rapidly growing blockchain industry:
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.
With regulation the talk of governments and large investment institutions, banks who see that their bottom line is being affected by a shift from traditional banking services into digital assets like cryptocurrencies aren’t wasting any time.
Last month Bank Of America reported that Blockchain and Cryptocurrencies pose a direct threat to their very existence.