In the bank of Liechtenstein clients will be able to invest in cryptocurrencies

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Having made this announcement earlier this week, Bank Frick said that the first batch of cryptocurrencies, which will be available for trading, will include bitcoin, bitcoin cash, litecoin, Ripple and ether. The bank said that it is aimed at institutional and high-value private customers who can buy in with euros, U.S. dollars and Swiss francs.

The crypto assets under the custody of the bank, the statement said, will be kept in cold purses - security measures that store secret keys to the cryptocurrencies offline mode and from potential hackers. Trading activities through the bank platform will also be carried out in accordance with know-your-customer procedures, which are required by the laws of Liechtenstein and Europe (EU/EEA).

The statement says that clients can only invest in cryptocurrencies after they have been fully identified and verified. The verification and identification process also includes checking the origin of the money used to invest in them.

This step marks the recent efforts of financial institutions in the region aimed at supporting the growth of cryptocurrency and the development of blockchain.

A Swiss private bank, Falcon Group, has also begun offering services to buy bitcoin on traditional customer accounts in partnership with the bitcoin brokerage firm Bitcoin Suisse AG.