Lichtenstein-based Bank Frick will be the first regulated bank to offer direct investment and cold storage of five cryptocurrencies. Having made the announcement earlier last week, bank officials informed they have made first batch of cryptocurrencies ready for trading , including Bitcoin, Ethereum, Ripple and Litecoin. With more and more financial institutions around the globe taking hand in blockchain business and offering cryptocurrency trading services to investors, it seems that nothing can stop cryptocurrencies from showing their full potential in 2018.
Bank offers best services and security
In the announcement, bank informed advanced security measure would be implemented for clients’ cryptocurrency assets including cold wallet storage – a form of offline storage that would keep assets invincible against potential hacker attacks. Moreover, the trading itself will be organized in full compliance with procedure required by EU law. Following the announcement of Bitcoin futures by CME back in Autumn 2017, a move by Frick seems to be yet another proof that more and more institutions round the globe are trying to put crypto trading within their regulatory frameworks.
The offer is aimed at professional market participants and financial intermediaries. Chief Client Officer Hubert Büchel told media; “By introducing this services to a broader range of customers, we aim to bring cryptocurrency trading to the level of classic banking quality. By offering top-notch services in terms of cryptocurrency payment processing, storage security and customer support, we are sure our services will be in high demand and attract investors and business worldwide”
Being one of the first financial institutions in the world to offer direct cryptocurrency purchases, it is very likely that similar announcements will arrive shortly and many banks fill follow their footsteps. “Intermediaries and their clients can easily get to know a new, exciting universe with these direct purchases, diversifying and investing in it without correlation to other asset classes. Investments in cryptocurrencies are highly speculative, which is why only a small amount of admixture in the portfolio is advisable.”
Among other positive news in the field, Australian bitcoin exchange Bitcoin.com.au has recently offered direct digital purchases of Bitcoin and Ethereum from 1200 newsstands located across the country. Simplifying the process of purchase by setting up terminals which scan your wallet’s QR code, the move is set to reduce entry barrier for potential cryptocurrency buyers and contribute to bringing crypto trading to a new level.
Brokers, on the other hand, are doing a great job as well by offering leveraged cryptocurrency trading services to ordinary investors. Primecrypto.io is one of such brokers and can take pride in being one of the best based on the analysis we have performed. Not only do they offer fast trading platform and a variety of cryptocurrencies to trade, but have much lower deposit requirements and faster execution of withdrawals comparison to those of more traditional exchanges.
As such, cryptocurrencies had a good 2018 start. Crackdowns and attempts to ban cryptos will continue, but those are more local attempts and unlikely to disrupt the bigger picture.