Much controversy with various arguments is still maintained in financial environments about the nature of cryptocurrencies as digital assets, or as mere instruments of speculation. Certainly in the midst of the apogee of the development of platforms that create their own economic ecosystems in cryptocurrencies, economic activity grows and is becoming more solid every day. This obviously opens a floodgate of business possibilities and financial services.
While many banks have classified cryptocurrencies as a speculative investment, rejecting them outright as a possibility of business, Bank Frick in Liechtenstein is taking steps forward by allowing the investment of cryptocurrencies through its platform, directly in Ethereum and Bitcoin.
Bank Frick does not play to improvise, in the world of financial services each product has the backing of feasibility studies that allow calculating the viability of its offer. We can see that with this initiative Bank Frick could be to tap in Europe a perception of banking with a vision of the future.
Although in the regulatory framework there are still many options in development in several countries with adoptions of their own digital currencies or rejecting their use, the policies of this bank do not seem to collide with any regulation at the moment.
Bank Frick had already been the first bank in Liechtenstein to allow investment in the cryptocurrency basket, in association with Bitcoin Suisse. However, from now on, it will no longer require any intermediary, since the relationship between bank and investor is direct.
The bank’s services are increasing in demand throughout Europe, and especially highlight the ability to generate confidence to customers by operating within the current regulatory framework.
By now customers can access the purchase of five cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP) and Ether (ETH). The bank’s platform also guarantees its customers strong protections against hackers and online thefts. The bank’s security levels are in fact higher than the average industry standard.
The security aspect remains of prime importance for any investor in this issue of acquiring and negotiating with them. Among the initial difficulty that is the lack of knowledge of cryptocurrencies, their storage and exchange capacity, there is still a way to go for the massification of this type of economy. Therefore, the direct and careful help from the bank to its clients ensures that their clients are guided throughout the process and feel that they walk on firm ground.
A realistic objective that every bank should consider when offer cryptocurrency services to its clients, is to make sure that the purchase and handling of cryptocurrencies is as simple as managing fiduciary money.
The widespread use of cryptocurrencies in general is an irreversible trend that in the coming years, and especially in the short term, will require consideration of education campaigns and the provision of friendly services with the management of these so that people feel more confident and trustworthy lose the natural fear that an abstract but valuable instrument like cryptocurrency possesses.