Bank Frick is a private bank, situated in the Central European principality of Liechtenstein. The financial institution was founded in 1998 and is currently headquartered in the area named Balzers. In March 2018, the bank started offering its professional trader and financial consultant customers the option of purchasing different cryptocurrencies, directly from the bank. These cryptocurrencies are Bitcoin, Bitcoin Cash, Ether, Ripple ,Litecoin, Ethereum Classic, NEM, Qtum, and Stellar. This makes them the first bank in the principality to offer these types of services.
These individuals are permitted to make one transaction per day and these transactions are compatible with a number of different fiat currencies including, the US Dollar, the Swiss Franc, the Euro, and some others.
To provide their customers and their trading desk platform with more protection, Bank Frick stores their cryptocurrency reserves in “cold-storage” cryptocurrency wallets. Due to the fact that these wallets are not openly exposed to an internet connection, it eliminates the potential threat of losses from hacking. Furthermore, customers will not be required to have their own cryptocurrency wallet and will regularly receive reports on their cryptocurrency holdings from the bank.
The overall aim of Bank Frick’s new trading desk is to attempt to make crypto-banking as effective and easy as current traditional banking. In line with this and in the general interest of the platform, users will be subject to intensive know-your-customer checks.