Liechtenstein’s Bank Frick Becomes First to Provide Cryptocurrency Investments
Bank Frick of Liechtenstein has become one of the first investment banks in the world to offer clients the ability to make direct investments into cryptocurrencies.
The family-owned investment bank announced the new service on February 28. Clients will be able to invest in 5 cryptocurrencies - Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ether - which can be purchased using euros, US dollars, or Swiss francs.
Bank Frick also offers clients “secure safekeeping via offline storage” for their purchased cryptocurrencies in “cold storage wallets,” which, according to the bank, means that private keys to the wallets are “physically separated from the Internet” and thus “cannot be externally hacked.”
According to the announcement, the bank’s cryptocurrency trading operation is fully compliant with Liechtenstein and European laws and “subject to the same strict statutory measures as traditional financial transactions.” This means that clients will not be able to invest in cryptocurrency through Bank Frick until they have been “fully identified” and until the origin of the money used to invest in the cryptocurrencies has been verified.
Chief Client Officer Hubert Büchel said that Bank Frick aims to elevate crypto-banking to “at least the same level of quality as traditional banking.”
Bank Frick’s cryptocurrency investment service is similar to services offered by Vontobel and Falcon Private Bank, two Swiss banks that have offered investors exposure to cryptocurrency assets since 2016. Dutch bank Rabobank is also exploring a service to offer cryptocurrency investments to their clients.