Starting from Feb 28, professional market participants and financial intermediaries are able to invest in the five leading cryptocurrencies Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP) and Ether (ETH) at Bank Frick. The cryptocurrencies can be bought using euros, US dollars and Swiss francs. Trading takes place once a day.
At Bank Frick, cryptocurrency investments are subject to the same strict statutory measures as traditional financial transactions. Bank Frick is a fully regulated bank under Liechtenstein and European (EU/EEA) law. Clients can only invest in cryptocurrencies once they have been fully identified and verified. The verification and identification process also involves checking the origin of the money used to invest in them.
“Financial intermediaries, such as asset managers and fiduciaries, can make use of our new offering to successfully differentiate themselves in the market and add value for their clients,” emphasises Chief Client Officer Hubert Büchel. “With these direct investments, intermediaries and their clients can easily get to know a new, exciting universe and diversify their portfolios. Investments in cryptocurrencies are highly speculative and so they should form only a small part of a portfolio.”
Under the aegis of its future-oriented digital strategy, in September 2017 Bank Frick became the first bank in the CHF area to launch a cryptocurrency basket tracker based on BTC and ETH. The increase in value since then has been 238 per cent (price as of 27 January 2018). The highest point was reached on 10 January 2018 with 367 per cent.
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.
Write: Richard Abermann