The fact that many banks in Europe are positively embracing the world of cryptocurrency is best seen through latest news – with multiple initiatives about potential crypto investments and mass regulation of the digital world.
Liechtenstein proved that this week in the best way possible. Their Bank Frick mentioned that the first cryptocurrencies allowed for clients to invest will include the names of Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash.
The bank also said that it is targeting institutional clients as well as private ones that can purchase with fiat currencies. According to the bank itself, the cryptocurrency assets will be stored in ‘cold wallets’ which are linked to the highest security measures and keep the private keys of each stored cryptocurrency offline and away from hackers reach.
As the bank officially announced in a press release:
“Clients can only invest in cryptocurrencies once they have been fully identified and verified. The verification and identification process also involves checking the origin of the money used to invest in them.”
The CCO at the bank also pointed to the fact that their services are in demand from companies based everywhere in Europe. Currently, the bank is pivoting the crypto-banking field on the same level of quality as their traditional banking services.
Is this the beginning of the mass adoption everyone has been waiting for? Are we going to see more similar efforts and more banks allowing direct investments in cryptocurrencies?
Let’s just hope the future looks like this.
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