A Liechtenstein based bank with branch offices in London has begun offering crypto trading for five digital currencies as well as safe custody via offline storage.
Customers of Bank Frick can now buy or sell ethereum, bitcoin, bitcoin cash, litecoin and ripple, or just leave the assets in the bank for safe storage in cold wallets.
“Our goal is to bring crypto banking at least to the level of quality of classic banking,” says Chief Client Officer Hubert Büchel, before further adding:
“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.”
The private bank specializes in financial services for an international clientele with the offer aimed at professional market participants and financial intermediaries.
“With our new offering, financial intermediaries such as asset managers and trustees can successfully differentiate themselves in the market and offer their customers added value,” Büchel says, adding:
“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.”
Bank Frick says they were the first bank in Switzerland to launch a cryptocurrency basket tracker certificate based on Bitcoin and Ethereum in September 2017.
And they are one of the first bank to now offer direct crypto purchases as the popularity of digital currencies and demand for cryptocurrencies continues to increase.
Another Swiss online bank, Swissquote, begun offering crypto trading to their customers back in June 2017 after entering into a partnership with Bitstamp, but that was initially limited to only bitcoin.
While Bank Frick is offering quite a few more options at the same time as offering trading pairs in euros, US dollars or Swiss francs.
Other banks will now probably follow, especially as a number of global banks recently admitted cryptos are a competitive threat, either directly or by failing to adapt to demand for crypto-services.
The infrastructure therefore continues to increase, with Australians one of the luckier ones as they can just buy cryptos from the local store at the same time as they buy their milk.