Bitcoin Cash Receives European Bank Custody Support
Bitcoin Cash will be available for purchase through Liechtenstein’s Bank Frick. The small bank, which has opened its services to supply leading crypto coins, will also offer BCH custody for clients.
Bank Frick Offers Fiat Options to Buy Bitcoin Cash
Bank Frick has finally added Bitcoin Cash to its list of supported crypto tokens, including BTC, ETH, XRP, and LTC. Now, customers will be able to purchase BCH with Swiss francs, euro, and US dollars. Stefan Rauti, Head of Blockchain Banking at Bank Frick, commented on the new partnership,
By adding Bitcoin Cash, we are offering our clients yet another way to diversify their portfolios
We are pleased to be able to offer this attractive cryptocurrency, which underlines our position as Europe’s leading blockchain bank.
Bank Frick has selected a relatively wide array of altcoins, offered at a time when those assets held a higher appeal. The bank offers the purchase and custody of less popular cryptocurrencies also, including Ethereum Classic (ETC), NEM (XEM), Qtum (QTUM) and Stellar (XLM). The offerings are not unique in the crypto space, but the fact that Bank Frick has remained interested in cryptocurrencies over the years remains encouraging. The bank also offers a secure channel to purchase cryptocurrency for fiat.
For now, the cold storage vault will be reserved for miners, institutional clients, and high net worth individuals. The bank follows the trend of offering custodial services as a more secure mode of owning coins, in comparison to keeping them with exchanges.
Kraken Exchange Uses Bank Frick, with Caution
Bank Frick is no stranger to the fintech sector, and its speciality is providing banking services for intermediaries. The bank is one of the partners of the Kraken exchange, serving SEPA transfers for the Eurozone.
But using Bank Frick comes with a warning. Because the bank is small, the Kraken exchange has reserved its right to suspend withdrawals for 72 hours after first receiving a deposit from this bank, as well as a handful of other German banks. In any case, the crypto space has veered away from the largest banks, resorting to smaller entities to serve their transactions.
Bitcoin Cash has received criticism for its approach to challenging Bitcoin. But the coin is among the most liquid assets, and is offered on multiple platforms. Bitcoin Cash trades at $371.07, with a significant run-up in the new year from lows about $200. The asset remains appealing for investment, though vulnerable to setbacks as all altcoins. The BCH network is also significantly less used, with just 50,000 transactions per day.
What do you think about Bank Frick’s involvement with crypto assets? Share your thoughts in the comments section below!
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