Bank Frick expands its range of crypto assets: now offers trading and custodian services for ETC, XEM, QTUM and XLM
21. Aug. 2018
The leading blockchain bank on the European market has expanded the range of cryptocurrencies for which it offers trading and custodian services. Professional market participants and financial intermediaries can now trade a wide range of crypto assets with Bank Frick – including ETC, XEM, QTUM, XLM, BTC, BCH, LTC, XRP and ETH – and deposit their assets with the Bank for safekeeping. Trading takes place within the fully regulated framework of the Bank’s processes.
Balzers (LI) – Professional market participants and financial intermediaries can now make direct investments in four additional crypto assets: Ethereum Classic (ETC), NEM (XEM), Qtum (QTUM) and Stellar (XLM).
Since February 2018, Liechtenstein-based Bank Frick has been offering professional investors and intermediaries a simple and secure way to trade assets in Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP) and Ether (ETH). Clients can also deposit these assets with the Bank for safekeeping.
Bank Frick has now chosen to expand its range of crypto assets to include ETC, XEM, QTUM and XLM, following careful evaluation by internal experts from a number of departments. The decision-making process also involved close collaboration with some of the Bank’s important clients and partner organisations.
Beyond standard crypto fare
“By expanding our range, we are offering our clients the opportunity to add diversification to their portfolios. They can now also invest in blockchain solutions that go well beyond standard crypto fare,” Chief Client Officer (CCO) Hubert Büchel explains.
“We work with our key clients to keep a close eye on market trends and identify ways to expand our range of crypto assets to include further attractive opportunities. We want to ensure that the intermediaries who work with us are able to differentiate themselves from their competitors.”
Regulation as strict as for traditional banking
At Bank Frick, investments in this asset class are subject to the same strict statutory measures as traditional financial transactions. Bank Frick is a fully regulated bank under Liechtenstein and European (EEA) law. Clients can only invest in crypto assets once they have been fully identified and verified.
This verification and identification process also involves establishing the origin of the money used to invest in the assets. “Our clients know that we maintain a strict verification process when it comes to cryptocurrencies. This is particularly valuable to them since it affords them greater legal protection, which is something they can then present to their own clients as a USP,” CCO Hubert Büchel declares.
A secure cold storage system
At Bank Frick, crypto assets are held in cold storage wallets. These are physically separated from the Internet and they therefore cannot be externally hacked. The wallets and their backup copies are held securely on a georedundant basis.
Investments in crypto assets are highly speculative. For this reason, Bank Frick recommends that they only form a small part of any portfolio.
About Bank Frick
Bank Frick is a family-run Liechtenstein bank with headquarters in Balzers. It was founded in 1998 by Kuno Frick Sr (1938–2017), with the majority now controlled by the Kuno Frick Family Foundation. Minority shareholder Net 1 UEPS Technologies, Inc. (Net1), holds 35 per cent of Bank Frick’s share capital. Net1 is a financial technology company listed on the Nasdaq stock exchange in New York.
Bank Frick focuses on providing products and services for financial intermediaries such as fiduciaries, asset managers, payment service providers and fintechs.
One of Bank Frick’s unique selling points is its high level of expertise in the regulated blockchain banking sector. The Bank supports Initial Coin Offerings (ICOs), provides custody of crypto assets and dealing services in leading cryptocurrencies for Bank Frick clients, and makes crypto assets bankable.
Bank Frick develops tailor-made funds for intermediaries and acts as a custodian bank.
It is the only bank in Liechtenstein with acquiring licences from Visa and MasterCard.
Bank Frick employs around 120 members of staff and operates a branch in London, UK.