Crypto-Banking on the Rise: Liechtenstein Bank Allows for Bitcoin Investments

March 3, 2018

Image credit:  sputniknews.com

Image credit: sputniknews.com

One of Liechtenstein's financial institutions said the first batch of cryptocurrencies to be available for trading would include, most certainly, bitcoin, litecoin, Ripple, ether and bitcoin cash.

Bank Frick, a family bank in Liechtenstein, is one of the first banks to make it possible for its clients, both institutional and high-value private ones, to directly invest in virtual currencies.

The bank’s announcement has it that the related crypto assets will be stored in the so-dubbed cold wallets, which is essentially a security measure that keeps digital keys to the cryptocurrency investments offline to prevent potential hacking.

Image credit:  sputniknews.com

Image credit: sputniknews.com

© REUTERS / MARCO BELLO

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Trading of bitcoin, litecoin, Ripple and ether  through the bank's platform has to be in full compliance with basic procedures stated in Liechtenstein and European law.

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Hubert Büchel, chief client officer at the bank, told Coindesk that their services are requested all across Europe. "We aim to place crypto-banking on at least the same level of quality as traditional banking," he added.

Earlier, CoinDesk reported that  Falcon Group, a Swiss private bank,  had also put a bitcoin purchasing service on offer in partnership with the bitcoin brokerage firm Bitcoin Suisse AG.

Written by: sputniknews

Anshul Sharmanews