Liechtenstein Bank Frick opens shop for crypto investment

29. December 2018

Liechtensteiner Bank Frick intends to open up its business segment to investment in crypto currencies. In the future, it should be possible for customers of the bank to invest in one of the five leading digital currencies. The family-run bank announced this on its homepage last week. Thus the bank joins a currently still manageable group of financial institutions that venture the step into digital investment with crypto currencies.

Bank-guided investment in the five world market leaders Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ether – all this will be possible for international customers at Liechtensteiner Bank Frick in the future. Last week the bank, which also has a seat in the European financial heart of London, published a corresponding press release on its homepage.

This one says about the Bitcoin news:

“Our services are demanded by Bitcoin news companies from all over Europe. Because they know that we offer trustworthy support in the implementation of their business models and not a Bitcoin news scam with crypto currencies and blockchain applications in accordance with the legal framework,

Hubert Büchel, the leading client advisor, explains the requirements of the new offer.

“We aim to place crypto-banking at least at the same quality level as traditional banking.”

Cold storage wallets are intended to offer security as a way of storing purchased coins offline. This should also take away the concerns of investors with conventional backgrounds and more conservative investment practices about possible hacker attacks and thus open up markets. At the same time, however, customers have to put up with background checks on their own money.

In the past, multi-digit million amounts have already been captured several times in attacks on investors. At the same time the legislator of these days drives the concern of criminal potentials in the haze circle of crypto currencies, approximately as money laundering possibility, over. Possible suspicions one seems to want to exclude on the part of the bank Frick resident in the tax haven Liechtenstein.

The turnaround confirms the quite friendly course towards crypto currencies and blockchain applications in the Alpine region. Last year, the Swiss private bank Falcon Group also opened its doors to crypto investors. Meanwhile, the Swiss canton of Zug is presenting itself as a model pupil and is advertising with the title Crypto-Valley.

Finance and Bitcoin formula still hesitant at present

Although the Bitcoin formula made its way through the international stock exchanges to Wall Street and thus into the sacred halls of finance, especially at the end of last year, the Bitcoin was able to make its way unerringly: In addition to the American one, the Russian and German digital stock exchanges EUREX, for example, had announced a future Bitcoin IPO.

In addition to individual investment banks and hedge funds, however, most financial service providers remain hesitant, especially in the wake of the ultimately strong price volatility of recent months – despite seemingly initial enthusiasm in the course of the pre-Christmas price sprint.

The American investment giant Goldman Sachs, for example, had caused quite a stir at the end of last year with its announcement that it might open a crypto-currency division in the future. A short time later, however, the bank denied this and referred in its monthly report in January to a currently prevailing “crypto-currency mania”. Also the annual outlook as well as the annual reports of several competitors considered Bitcoin in the past month for instance as investment risk.