Liechtenstein lending institution Bank Frick now offers “direct investment” and cold storage of five cryptocurrencies, it announced in a press release Feb. 28, noting it is the “first” financial instituion in the country to do so.
Aimed primarily at “professional market participants and financial intermediaries,” according to Frick, investment and storage is offered for Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ether.
The bank, which was founded in 1998, has sought to stand out from competition in the tiny European country, introducing a crypto investment and storage service that is “in demand” beyond its borders, it says.
“Our services are in demand from companies across the whole of Europe,” chief client officer Hubert Büchel commented in the release. On the perceived benefits of dealing with crypto through a bank, Büchel continued:
“This is because they know that we can offer them reliable support in implementing their business models with cryptocurrencies and blockchains in line with the existing regulatory framework.”
Despite Bank Frick being previously active in crypto-based products, the move appears to copy neighboring Switzerland, where institutions Vontobel and Falcon Private Bank have been offering exposure to crypto investments since as far back as 2016.
Elsewhere in Europe, The Netherlands’ Rabobank this month hinted it may shortly begin offering cryptocurrency storage for cardholders via a product called ‘Rabobit.’ A dedicated website about the project has appeared, though staff have also noted on social media that a final decision on its release has yet to be made.
By William Suberg