In a press release dated 28th February, Bank Frick announced that direct investment will be offered for Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ether. The program is aimed at professional market participants and financial intermediaries. The financial institution that was founded in 1998 aims to set itself apart from the competition by announcing crypto investment and storage services which will go beyond the tiny European country.
Our services are in demand from companies across the whole of Europe,
-Chief client officer Hubert Büchel said in the release. Büchel continued,
Customers know that we can offer them reliable support in implementing their business models with cryptocurrencies and blockchains in line with the existing regulatory framework.
Cointelegraph reports that Bank Frick has been active in the cryptocurrency market, offering various crypto-based products. The announcement is seen as a growing trend in Europe and will no doubt prompt other financial institutions in the region and the world to come up with similar products. The move by the bank echoes other banks in neighboring Switzerland, where financial institutions like Vontobel and Falcon Bank have been offering crypto investments since 2016.
Meanwhile, in the Netherlands, Rabobank is in the process of starting a cryptocurrency investment and storage service for its cardholders. The bank said it will start a product named Rabobit, which will cater for cryptocurrency customers. The bank has hinted that the release date will be announced soon.
A financial expert talking to Cointelegraph said that banks have realized cryptocurrencies are here to stay and they cannot fight them. The financial industry expert told Cointelegraph,
Banks can only offer products that will complement the crypto market rather than fight it,
In the future, banks are expected to come up with different products and services that will target cryptocurrencies.
Is the new product by Bank Frick a sign that banks will now start offering products and services that target cryptocurrencies? Let us know your thoughts.