BLOCKCHAIN AND CRYPTOCURRENCIES

The blockchain revolution introduced a lot of new practices to the modern world, especially cryptocurrencies. Blockchain is a technological solution for managing data by consensus in a distributed, decentralised infrastructure in a manner that is both transparent and resistant to manipulation. Blockchain makes it possible to verify decentralised payment transactions involving cryptocurrencies confidently and transparently. Blockchain makes data virtually unmodifiable.

BLOCKCHAIN IS REVOLUTIONISING DIGITAL BUSINESS

When Bitcoin was introduced to the world in 2008, the cryptocurrency was only met with approval by a handful of enthusiasts. Over time, however, it proved its virtues and paved the way for the advancement of blockchain technology and the invention of numerous other cryptocurrencies.

“Cryptocurrency” is an umbrella term for virtual currencies which can be used as digital means of payment. These virtual currencies are known for their extreme volatility, but also for their breathtakingly high yields. This new market is highly promising and its global liquidity is growing. Although the high volatility of cryptocurrencies does mean that their risks are greater, the opportunities they provide are unprecedented. In the field of cryptocurrency, things are no different: we only work with licensed banks and brokers which are under the jurisdiction of a financial regulator and are under its supervision. This guarantees a high level of security even in the extremely sensitive sector that is cryptocurrency.

THE RISE OF CRYPTOCURRENCIES AS A NEW INVESTMENT CLASS

Through their growing use and acceptance, cryptocurrencies have proven that they are no fad and that they have real potential as their own asset class within investment portfolios. The development of cryptocurrencies continues unabated. Whereas just a few years ago Bitcoin and Ethereum were digital currencies used by a handful of computer nerds, all eyes are now on them, including those of private investors and speculative institutional investors. The reason is simple: anyone who purchased Bitcoins for a couple of hundred euros a few years ago is now a millionaire.

The main opportunity offered by cryptocurrencies is to turn parts of the financial system completely on their heads: from the processing of ¬financial transactions to the storage of wealth to the monetary base, many things can transition to cryptoassets.

BANK FRICK - WINBRIDGE CRYPTO-TRADING-ACCOUNTS

A cryptocurrency market worth billions has emerged, with other digital assets set to become established on the basis of blockchain. To address this market and meet its security requirements, WINBRIDGE and BANK FRICK formed an alliance for the professional trading of selected cryptocurrencies, such as: Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH), NEM (XEM), Qtum /QTUM), Stellar (XLM), USD Coin (USDC).

BANK FRICK is a regulated full-service bank – under Liechtenstein law and under EU law. Investment in cryptocurrencies is subject to the same legal requirements as conventional financial transactions.

LEGAL CERTAINTY FOR VT SERVICE PROVIDERS AND CLIENTS

As one of the leading banks in the regulated blockchain banking field, BANK FRICKwelcomes the new Liechtenstein law on tokens and VT service providers that entered into force on 1 January 2020.

VT refers to “Trusted Technologies”, which ensure the integrity of tokens and their disposition as well as the unique assignment of tokens to VT identifiers. VT systems are transaction systems that enable tokens to be securely stored and transferred through trusted technologies (blockchain technology).

The future-oriented blockchain law creates legal certainty for VT service providers and clients, safeguards clients from abuse and cements Liechtenstein’s role as an innovative blockchain hub with global prestige – laying the foundation for the emerging token economy and other innovations.

BANK FRICK - CONTINUITY IN CHANGING TIMES

Bank Frick was established in 1998 by Liechtenstein trustee Kuno Frick senior (1938–2017) together with financial investors. Today, the bank is wholly owned by the Kuno Frick Family Foundation (100 per cent). Bank Frick employs more than 140 people in Balzers and operates a branch in London.

Its unique selling points include outstanding expertise in regulated blockchain banking and in the development of customised fund solutions. Bank Frick is also the only Liechtenstein bank to hold MasterCard and Visa acquiring licences. Bank Frick offers developers and FinTechs a simple API.

PRINCIPALITY OF LIECHTENSTEIN

As part of the European Economic Area, the Principality of Liechtenstein is an integral part of the largest single market in the world. EU legislation, especially in the financial sector, is transposed into national law. The Principality of Liechtenstein is one of the few countries in the world with an AAA rating, representing political and financial stability.

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