Some countries in Europe are against cryptocurrencies, while others are infatuated with it. The latter now includes Liechtenstein, which is a German-speaking country in Europe. More specifically, there’s a family-based bank – Bank Frick, in Liechtenstein that has decided to put all of its eggs into the crypto basket.
The world was informed this week that Bank Frick will now allow its clients to invest directly in virtual currencies. This is significant news as this makes Bank Frick one of the first banks in the world to allow its clients to such a thing. This might be a small, family-owned bank, but that doesn’t mean it’s taking any short-cuts. According to the Liechtenstein-based bank, the primary goal is to target institutional and high-value private clients. These clients have to be able to purchase in with the following: Swiss francs, euros, and U.S. dollars.
How will it work? Well, here’s what we know so far: all of the crypto assets that are under Bank Frick’s custody will be held in cold wallets. This is essentially a security measure that keeps private keys away from hackers. Further, the announcement stated that clients wanting to invest in cryptocurrencies will not be able to do so until they have been 100% verified as well as 100% identified.
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Speaking of actually investing in cryptocurrencies, what will be available for trading? According to Bank Frick, to start, the bank will make the following cryptocurrencies available for trade: Ripple, Ether, Litecoin, Bitcoin, and Bitcoin Cash.
I wasn’t completely surprised by this announcement. Were you? After all, this just marks one of the latest efforts among central banks moving to support the increasing popularity of blockchain and cryptocurrency. Earlier this week, Saudi Arabia’s central bank announced that it is going to start focusing more time on exploring all that blockchain technology offers.
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