Bank Frick will be the first regulated bank to offer not only direct investment in cryptocurrency, but also its cold storage. The bank announced this in its press release dated February 28.
The bank, which specializes in providing financial services to international clients, mainly professional investors and advisors, says its clients can now buy and sell Ethereum, Bitcoin, Bitcoin Cash, Litecoin and Ripple, or leave assets in wallets for safekeeping.
The offer is aimed at professional market participants and financial intermediaries, Hubert Büchel, the bank's chief banking officer, told media.
“Our goal is to provide crypto banking, at least on par with traditional banking services. Our services are in great demand among companies throughout Europe. We provide reliable support to companies in their activities related to cryptocurrency and blockchain technology, in accordance with existing European regulations."
Bank Frick was one of the first banks to offer direct purchase of cryptocurrency, but as investments in digital currencies grow in popularity, many institutions are expected to follow suit.
"Intermediaries and their clients can easily buy cryptocurrency, diversifying their investment portfolio, and invest in it without correlation with other asset classes. Due to volatility, it is recommended to have a small amount of cryptocurrency assets in your portfolio.”
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