Lichtenstein-based Bank Frick will be the first regulated bank to offer direct investment and cold storage of five cryptocurrencies. The unprecedented announcement was made in a press release on February 28.
Private Bank Offers Five Cryptocurrencies
The bank, which specializes in providing financial services for an international clientele of mostly professional investors and advisors, says its customers can now buy and sell Ethereum, Bitcoin, Bitcoin Cash, Litecoin and Ripple, or leave the assets in cold storage wallets that the bank will hold for safe keeping.
The offer is aimed at professional market participants and financial intermediaries. Chief Client Officer Hubert Büchel told media;
“Our goal is to bring crypto banking at least to the level of quality of classic banking. 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.”
They are one of the first banks to offer direct purchase of cryptocurrency but as the popularity of investing in digital funds grows it is expected more institutes will follow their lead.
“Intermediaries and their clients can easily get to know a new, exciting universe with these direct purchases, diversifying and investing in it 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.”
Buchel elaborated when asked about the growth potential for these kinds of services.
Crypto-Services Continue to Spread Around the World
Bank Frick reports that they were one of the first to offer cryptocurrency services when they added a basket tracker certificate based on Ethereum and Bitcoin back in September 2017. A few other banks across Europe are slowly easing crypto trading into their services.
In neighbouring Switzerland, both Vontoble and Falcon private banks have been active in crypto investment of some kind since 2016. While Swiss online bank, Swissquote entered into a partnership with Bitstamp in order to offer clients crypto trading, though initially that was limited to Bitcoin only.
The worldwide infrastructure for buying and selling cryptocurrency continues to increase as fears of the new technology subside. With digital currency enabled ATM’s popping up and exchange services showing up in airports trading fiat for crypto will move off of the computer.
Soon many more countries may follow the path of Australia with shops offering cryptocurrency right along with the milk, eggs and Vegemite.