Bank Frick to Propose Cryptocurrency Investments

Liechtenstein bank is "seeing increasing demand for our crypto-currency services"
02 March 2018   356

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.

7 Accounts blocked by EOS BP without Going an Arbitration

EOS is facing another issue just days after its mainnet activation, as the newly elected block producers have frozen 7 EOS accounts on suspicion of being stolen
19 June 2018   49

The backlash began as the block producers did go over arbitration, an integral part of the EOS’s governance system. The critics are certainly questioning the credibility of the project. Jackson Palmer, the creator of Dogecoin and a well-known person in the blockchain industry, questioned the very governance process constructed by EOS and the role of EOS Core Arbitration Forum (ECAF).

The structure of EOS’s governance has been parted into 3 distinct groups - block producers, arbiters, and token holders. This separation resembles the executive, constituency, and judicial, of any governed system respectively. 

On 17 June 2018, the top 21 Block Producers unanimously agreed to protect property that may have been compromised through phishing attacks or other scams where member’s private keys were compromised. The EOS911 initiative was created by EOS42 as a way to prevent victims of private key theft from having their tokens lost once the 72-hour unstacking period ended following the EOS Mainnet Launch. Once that period ended, the thieves would be free to transfer the tokens wherever they’d like, rendering futile any recourse available to the community at this time.
EOS New York, in their recent post

So, in this case, the block producers did not go with the arbitration, rather they only conferred with them. Then the post added:

Foreseeing the process that would be required to act, EOS New York, on a call with BPs and BPCs, requested an expedited review of the merits of the case from ECAF (EOS Core Arbitration Forum) who was also on the call. The idea was that if ECAF found merit in the evidence provided, a formal ruling from ECAF would ask the BPs to “freeze” the accounts in question until such time that a thorough and formal review of the claims could be completed.
EOS New York, in their recent post

This is not the first problem EOS is facing amid its mainnet activation, as within 48 hours of that, the network suspended because of some bug. Though the error only led to a 5-hour network blackout, that is surely not something the team would have expected.