A Bank in Liechtenstein begins a Direct Crypto Investment Program
Bank Frick, a family bank based in Liechtenstein has become the first such institution in the world to provide their clients with an option of investing directly in one or more cryptocurrencies. The announcement was made by the head of the bank earlier this week and it also precisely stated which cryptocurrencies would be available for trading. At the present moment, these are bitcoin, litecoin, bitcoin cash, Ripple, and ether. These basically represent the biggest global cryptocurrencies right now.
The bank stated that the plan is to target institutional and private, high-value clients for this option. The clients will be able to purchase cryptocurrency using US dollars, euros and Swiss francs. Once a client signs off and allows a purchase procedure to go ahead, the bank will get and store their tokens using cold wallets. These are designed to keep the private crypto keys offline and away from any threat. The bank will also abide by the know-your-customer EU and Liechtenstein procedures.
These will make sure that only clients who have been fully verified and identified will be able to gain access to these trading features. Aside from that, Bank Frick will make sure that the origins of the money that will be invested are also thoroughly checked. This should make sure that the trading option is not used for money laundering or any other illegal activity that simply wants to erase the money trail. Thanks to all of these precautions, the bank’s officials are certain that the services will be a success.
The bank’s chief client officer Hubert Buchel stated that these trading options are in high demand across Europe. Because of this, Bank Frick plans to elevate crypto trading to the level of quality as traditional banking. This might be a tall order, especially because of the volatility levels which the bank will undoubtedly struggle with as they try to protect the clients’ investment.