íàçâàíèå

Liechtenstein Bank Opens Up Cryptocurrency Investment for Clients

Liechtenstein Bank Opens Up Cryptocurrency Investment for Clients

A Liechtenstein-based family bank has become one of the first banks in the world that allows clients to directly invest in cryptocurrencies.

Making the announcement earlier this week, Bank Frick said that the first batch of cryptocurrencies to be available for trading will include bitcoin, bitcoin cash, litecoin, Ripple and ether. The bank said it is targeting institutional and high-value private clients, who can buy in with euros, U.S. dollars and Swiss francs.

The crypto assets under the bank's custody, the announcement says, will be stored in cold wallets - a security measure that keeps private keys to the cryptocurrencies offline and away from potential hackers. Trading activities through the bank's platform will also be carried out in compliance with know-your-customer procedures required under Liechtenstein and European (EU/EEA) law.

"Clients can only invest in cryptocurrencies once they have been fully identified and verified. The verification and identification process also involves checking the origin of the money used to invest in them,"according to the announcement.

"Our services are in demand from companies across the whole of Europe," said Hubert Buchel, chief client officer at the bank. "We aim to place crypto-banking on at least the same level of quality as traditional banking."

The move marks the latest effort among financial institutions in the region to move to support the growth of cryptocurrency and blockchain development.

As reported by CoinDesk, Falcon Group, a Swiss private bank, has also started offering a bitcoin purchasing service through clients' traditional accounts in partnership with the bitcoin brokerage firm Bitcoin Suisse AG.

Bank Frick image via Wikimedia Commons

04.03.2018 / 13:14 55
Hong Kong Bitcoin Exchange Gatecoin Finds Banking Lifeline, Adds Litecoin Hong Kong Bitcoin Exchange Gatecoin
Hong Kong cryptocurrency exchange Gatecoin has confirmed plans to resume HKD and USD bank transfers through new partners after suffering a banking
South Korean ‘Big Five’ Bank Completes Ripple Remittance Trial South Korean ‘Big Five’ Bank Completes
Woori Bank, one of South Korea’s biggest banks, has reportedly completed a successful overseas remittance trial enabled by the blockchain technology
We Shouldn’t Ban Bitcoin, Says Former FDIC Chair Sheila Bair We Shouldn’t Ban Bitcoin, Says Former
The former director of the US Federal Deposit Insurance Corporation (FDIC) Sheila Bair has doubled down on her stance in stating cryptocurrencies
South Africa’s Central Bank Launches Ethereum-Based Blockchain PoC South Africa’s Central Bank Launches
The central bank of South Africa has launched a new proof-of-concept (PoC) project to replicate interbank settlements on an Ethereum-based
Cryptocurrencies ‘Failing’ as Money: Bank of England Governor Cryptocurrencies ‘Failing’ as Money:
Bank of England Governor Mark Carney has doubled down on his recent criticisms of criticisms of cryptocurrencies, arguing Friday that they are
Banks Begone: UN’s World Food Programme Builds on Ethereum Blockchain Money Transfers Banks Begone: UN’s World Food Programme
The United Nations’ World Food Programme is expanding its Ethereum-based blockchain payments system to avoid the transfer fees incurred via the
Comments (0)
Add a comment
Comment on