Earlier this week, Frick Bank announced that it will open up cryptopcurrency investment for customers.
During the announcement, Bank Frick mentioned that the first cryptocurrencies in which it will be possible for clients to invest will include Bitcoin, Ripple, Ether, Litecoin and Bitcoin Cash. The bank also said that it was targeting big institutional and private clients that can buy with either USD, Euros or Swiss Francs.
The cryptocurrency assets monitored by the bank will be stored in cold wallets . It is a security measure that keeps the private keys of cryptocurrencies offline and away from hacking. Transactions within the bank’s platform will also be carried out in compliance with know-your-customer (KYC) procedures required under Liechtenstein and European (EU/EEA) law, the announcement explained.
According to the announcement, “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.”
Hubert Büchel, chief client officer (CCO) at the financial institution mentioned “Our services are in demand from companies across the whole of Europe. We aim to place crypto-banking on at least the same level of quality as traditional banking.”
Recently, the Swiss private bank Falcon Group partnered with the bitcoin brokerage firm Bitcoin Suisse AG and started offering bitcoin to investors.