Liechtenstein-based Bank Frick intends to open up its business area for investment in cryptographic currencies. In future, the bank's customers will be able to invest in one of the five leading digital currencies. The family-run bank announced this last week on its homepage. In this way, the bank joins a group of financial institutions that are still manageable at the moment and which dare to take the step into digital investment with cryptographic currencies.
Bank-managed investment in the five world market leaders Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ether - all this is to be possible for international customers at Liechtensteiner Bank Frick in the future. Last week, the bank, which also has a seat in the European financial heart of London, published a press release on its website.
It says:"Our services are demanded by companies from all over Europe. They know that we offer trustworthy support in the implementation of their business models with cryptocurrencies and block chain applications in accordance with the legal framework,"says Hubert Büchel, senior customer advisor, explaining the requirements for the new offer.
"We aim to place crypto-banking at least at the same level of quality as traditional banking."
Security is supposed to offer so-called cold storage wallets as an option for off-line storage of purchased coins. This is likely to take away the fear of possible hacker attacks from investors with conventional backgrounds and more conservative investment practices and thus open up markets. At the same time, however, customers also have to accept background checks of their own money.
In the past, several times multi-digit million amounts have already been captured in attacks on investors. At the same time, the legislature these days is raising concerns about criminal potential in the haze of cryptocurrency, for example as a means of money laundering. Possible suspicions seem to be ruled out by the Liechtenstein tax haven bank Frick.
The turnaround confirms the quite friendly course towards cryptocurrencies and blockchain applications in the Alpine region. Last year, for example, the Swiss private bank Falcon Group also opened its doors to crypto investors. Meanwhile, the Swiss canton of Zug presents itself as a model pupil and advertises itself with the title Crypto-Valley.
Financials and banks still hesitant at present
Bitcoin made its way through the international stock exchanges to Wall Street and thus into the sacred halls of the financial system, especially at the end of last year. In addition to the American stock exchange, the Russian and German digital exchanges EUREX, for example, had announced a future Bitcoin IPO.
In addition to individual investment banks and hedge funds, however, most financial service providers remain hesitant, especially in the wake of the ultimately strong price volatility of the past few months - despite apparently initial enthusiasm in the wake of the pre-Christmas price sprint.
The American investment giant Goldman Sachs, for example, attracted attention for a short time at the end of last year with the announcement that it might possibly want to open up a business area for cryptographic currencies in the future. A short time later, however, the bank denied and in its monthly report in January referred to a current "cryptocurrency mania". Last month, Bitcoin also considered the annual outlook and the annual reports of several competitors and competitors to be an investment risk.