Bank Frick expands cryptocurrency trading options
Bank Frick includes the cryptocurrencies Cardano (ADA), Polkadot (DOT) and Tezos (XTZ) in its range of services. In so doing, the bank based in Balzers offers financial intermediaries and professional clients trading and secure custody services for additional crypto assets in addition to cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), further details of which can be found in a press release.
Trading takes place between 8.00 a.m. and 6.00 p.m. on a daily basis “within the fully regulated environment of the bank”. The cryptocurrencies can be bought using euros, US dollars and Swiss francs. In terms of storage, the bank uses cold storage wallets. These are analogue storage locations that - in contrast to hot wallets - are only connected to the internet for a short period of time during the coin transaction, otherwise they remain offline. Therefore, the risk of hacking attacks is substantially reduced.
“By expanding the product range to include Cardano, Polkadot and Tezos, we are offering our clients an additional opportunity to diversify their portfolios”, explains Nicolas Marxer, Head of Blockchain Banking at Bank Frick, in the press release.
The bank, which is wholly owned by the Kuno Frick Family Foundation (KFS), also offers services in connection with trading and offline storage of the cryptocurrencies Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), NEM (XEM), Qtum (QTUM), Stellar (XLM) und USD Coin (USDC) since 2018.