Bank Frick to Propose Cryptocurrency Investments

Liechtenstein bank is "seeing increasing demand for our crypto-currency services"
02 March 2018   467

Bank Frick was the first financial institution in Liechtenstein, which began offering its clients direct investments in five leading crypto-currencies. In addition, the bank offers "cold" (offline) storage of bitcoins.

As the press release says, now users of Bank Frick can buy bitcoins, Bitcoin Cash, Litecoin, Ripple and Ether for the euro, US dollars and Swiss francs.

We are seeing increasing demand for our crypto-currency services from companies all across Europe. Clients recognize that we can offer reliable support in implementing their business models using crypto-currencies and blockchain within the permissible regulatory framework. We aim to place the quality and service of crypto-banking at par with our traditional banking services. Financial intermediaries such as asset managers and fiduciaries, can leverage our offering to differentiate themselves in the market while adding value for their clients.

Hubert Büchel

Chief Client Officer, Bank Frick

It is also noted that as part of its digital strategy in September 2017, Bank Frick became the first financial institution in the Swiss franc zone, which launched a crypto currency tracker based on BTC and ETH.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   83

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.