The First Bank to Get a Clue

stwbll (50)in #cryptocurrency • 6 years ago

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What a Novel Idea!

As reported by the Bitcoinist's article LIECHTENSTEIN’S BANK FRICK IS OFFERING CRYPTOCURRENCY INVESTMENTS AND COLD STORAGE and CoinDesk's article Liechtenstein Bank Opens Up Cryptocurrency Investment for Clients there is at least one bank out there that has the right idea: facilitate the move to cryptocurrency instead of impede it! Bank Frick in Liechtenstein which is a small, family owned bank is now offering cryptocurrency services such as cold storage for long term holding and a fiat on ramp for users to purchase Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ethereum. They are also storing back-up copies of clients wallets in a "geo-redundant and secure manner." This is a first for a fully accredited financial institution and if they are smart, definitely not the last.

When Your Business Model Doesn't Work, Change It!

This is exactly what I have said in my other articles; the banks need to evolve if they are going to stay relevant during this financial revolution. This should be the vanguard of changes to the traditional banking scheme, not an outlier if they are smart. The unfortunate part, for them anyway, is that they are afraid of what they don't understand and their current business model has made them money for a very long time, so they are reticent to change. Not to mention that banks are conservative by nature and typically run by people that are looking to make money not stay relevant and "hip". This proves that there are some bankers out there that "get it" and are willing to evolve to give people what they are looking for. Whether you agree or not, we as a people have been conditioned to believe that putting your money in the bank is the safest thing you can do with it, so by extension, putting your crypto there should be safe as well. This is a very intelligent move on Bank Frick's part; capitalize on this emerging market, give the people what they are looking for and playing off our inherent belief that banks are the safest place for our finances. Bravo Bank Frick, Bravo!