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Liechtenstein's Bank Frick begins offering cryptocurrency investment services

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Liechtenstein's Bank Frick begins offering cryptocurrency investment services

Liechtenstein-based Bank Frick & Co. AG has begun offering clients the chance to trade five cryptocurrencies within its fully regulated framework.

Clients can purchase bitcoin, bitcoin cash, litecoin, ripple and ether using euros, U.S. dollars and Swiss francs provided they have met strict know-your-customer, or KYC, requirements, including the checking of funds' sources.

Bank Frick noted that its offering will provide strong protection against the loss or theft of crypto-assets, as it will hold the cryptocurrencies in cold storage wallets, which the bank said cannot be hacked externally as they will be physically separated from the Internet.

Bank Frick, which is 35%-owned by Net 1 UEPS Technologies Inc. through subsidiary Net1 Applied Technologies Netherlands BV, was reported in February to be one of several small European lenders that were looking to offer cryptocurrency services to investors despite the risks associated with virtual currencies.