The Lichtenstein-based Frick bank is the first financial institution in Lichtenstein to allow its citizens the buying of cryptocurrencies directly via their trading platform. Customers can invest euros, francs and US dollars into five of the leading cryptocurrencies (Bitcoin, Ether, Ripple (XRP), Litecoin and Bitcoin Cash) once per day.
The client interested in doing this must provide the necessary documentation and have a verified account, much like on most exchanges. The bank will also make sure the money being invested has legal origins. Frick said that their service's value is in the high level of protection from loss and theft, so they keep the currencies in cold storage.
Frick's Chief Client Officer Hubert Büchel said that the bank intends to equate the implemented crypto banking with the traditional banking space:
Our services are in demand from companies across the whole of Europe. This is because they know that we can offer them reliable support in implementing their business models with cryptocurrencies and blockchains in line with the existing regulatory framework,” Chief Client Officer Hubert Büchel explains. “We aim to place crypto-banking on at least the same level of quality as traditional banking.”
This type of direct crypto purchase will open a new world of investing and technology to their customers who will suddenly be able to diversify their portfolio even further. Let's also not forget that the son of Lichtenstein's prince, Alois, recently expressed intent to invest into cryptocurrencies in order to rebuild his family's fortune.
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