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Bank Frick offers new service for digital assets

16 Feb 2023
Balzers - Bank Frick is launching a new service in the area of digital assets: staking. This new service offers cryptocurrency clients a reward system similar to interest on savings.

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According to a press release, the private bank Bank Frick is offering a new staking service for cryptocurrency clients. Coin holders who add a new blockchain transaction package gain rewards in the form of new digital assets. The press release states that the principle should work in a similar way to interest on a traditional savings account.

Staking should contribute to the security of a blockchain network by providing more validators, validating transactions, and ensuring network integrity. All transactions are self-custodial, meaning Bank Frick has sole and full control over the delegated cryptocurrencies. Jonas Gantenbein, Senior Relationship Manager for Blockchain Banking at Bank Frick, commented: “All crypto assets that we hold for our clients are kept off our books and stored securely. As a bank, only we have around-the-clock access to the private key.”

Initially, the staking service will be offered for the cryptocurrencies Tezos (XTZ) and Polkadot (DOT). Ethereum 2.0 will be added to the offering once the Shanghai upgrade is concluded, which is expected to take place in March 2023. ww