Bank will now let its customers purchase cryptocurrency from them
Ever since the introduction of bitcoin and later on other cryptocurrencies, banks have been hesitant when it comes to accepting money connected to crypto-related activities. Banks haven’t expressed any interest in storing cryptocurrencies for their customers either, even though some banks offer a tracking service of cryptocurrencies. Following the steep increase in popularity surrounding cryptocurrencies starting from Q4 of 2017, some banks began closing customers’ bank accounts if they buy or sell any cryptocurrencies. However now, a particular bank is taking a very different approach to cryptocurrencies compared to pretty much all other banks. Bank Frick of Liechtenstein has officially announced that they will be offering their customers the option to buy cryptocurrencies directly from the bank. Bank Frick will also offer a storing service, where customers’ digital assets are stored on so-called cold wallets, a wallet that isn’t connected to the internet and hasn’t had its private keys connected to the internet at all, making it impossible to hack the wallet remotely.
Chief Client Officer of Bank Frick, Hubert Büchel, had this to say about their vision regarding the bank’s future cryptocurrency services
Our services are in high demand from companies across Europe. The companies know that we reliably support them in implementing their cryptocurrency and blockchain business models in accordance with existing European regulations
Büchel also added, “Our goal is to bring crypto banking at least to the level of quality of classic banking.” Many financial experts have publicly said that regulation surrounding bitcoin and other cryptocurrencies will good for the technology in the long run, even though it takes away some of the essential values of cryptocurrencies, such as decentralization and anonymity.
Bank Frick currently has plans to offer their customers the ability to purchase these 5 cryptocurrencies directly from the bank:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ripple (XRP)
- Ether (ETH)