The crypto craze is starting to leak through the gaps of the digital world into the real world. This is seen through a number of real world application projects, media attention, and now, with the first Liechtenstein bank to sell cryptocurrencies directly to its customers.
Bank Frick made the announcement yesterday that it will start trading five cryptocurrencies with fiat currency. This offer was to take place immediately and will be trading with Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin. The Frick platform will allow professional investors and financial intermediaries to trade into or out of these cryptocurrencies once per day.
This announcement is not the first of its kind with a number of financial institutes in Switzerland offering similar services. These organizations include Cornerbank, Falcon, IG Bank, Vontobel, Swissquote and Leonteq.
One large risk deterring other institutes from following suites is that of hacks. To counter this, Bank Frick has developed their platform to store the cryptocurrencies in offline wallets called cold wallets. These wallets are not connected to any network and thus are untouchable by anyone not physical in the same location as these storage facilities.
Liechtenstein has openly shown an interest and even support for blockchain technology in the past. This is now them putting skin in the game and showing the rest of the world that ability to incorporate cryptocurrency with other traditional currencies with little risk. Liechtenstein is proving to be a haven for blockchain start-ups and ICOs due to their proactive stance on the technology.
Mappo has been investing and trading in fiat currencies since 2013. He has recently moved into the crypto world spreading his portfolio over long term coin investments, ICOs and day trading.