Another crypto-friendly bank spotted! While most of the financial institutions over the world are trying to bar themselves from the cryptocurrency market, Liechtenstein decided to do the opposite, by permitting its customers to pile into bitcoin and its brethren directly.
Legal Bitcoin Investment
Bank Frick, a family bank, headquartered in Liechtenstein, happened to be among the first financial establishments which allow their clients to invest in cryptos. The bank announced its decision earlier this week, on February 28.
Which Currencies Will be Available?
Notably, Bank Frick added that the first series of cyber coins, available for trading, will comprise BTC, BCH, LTC, XRP as well as ETH.
Who Is The Target?
This idea, according to the bank’s announcement, is aimed primarily at:
- Institutional investors
- High-value private customers
It is noteworthy that only the clients who are capable of purchasing cryptos with euros, dollars as well as Swiss francs will be allowed to pile into cyber money.
Will Cryptos Be Secured in Bank Frick?
The Liechtenstein-based bank also mentioned that all the digital assets would be stored in cold wallets. On the contrary to the hot wallet, which provides the storage of coins online, the cold wallet is estimated to be the most secure type of off-line storage of cryptos. It provides the maintenance of private keys away from feasible cyber-attacks.
On top of that, trading of cryptos via Bank Frick’s platform will be conducted according to know-your-customer procedures. These procedures are a part of requirements, imposed by Liechtenstein and European (EU/EEA) law.
It means that everybody who would like to pile into bitcoin and its ilks with the help of Bank Frick will have to reveal their identity and go through a verification process. Verification and identification of bank’s clients mean that the financial establishment will track the origin of their funds that are going to be used for crypto investment.