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Bank Frick adds first stablecoin to its range of tradable and custodial crypto assets with USDC

Source: Bank Frick

Europe's leading blockchain bank is adding a stablecoin to its range of tradable and custodial crypto currencies for the first time.

With immediate effect, Bank Frick offers professional market participants and wealthy private clients the trading and safekeeping of the USD Coin (USDC). Trading takes place within the fully regulated environment of the bank.

Balzers (LI) - As of today, professional market participants can also invest in the USD Coin (USDC) at Bank Frick. With USDC, Bank Frick is adding a stablecoin to its product range for the first time.

The USD Coin was developed by the CENTRE consortium, in which the crypto exchange Coinbase and the Fintech Circle financed by Goldman Sachs are involved. The USDC stablecoin is linked to the US dollar and deposited at a ratio of 1:1, thus ensuring its price stability. Supply and reserves are managed by regulated financial institutions. Grant Thornton, one of the world's largest accounting firms, is responsible for the USDC audit.

"With the addition of USDC, we enable our customers to process USD payments quickly and token-based. Compared to the classic SWIFT procedure, the processing time is significantly reduced", says Stefan Rauti, Head of Blockchain Banking at Bank Frick. "This underlines our claim to be the leading blockchain bank in Europe.”
Trading and custody of ten crypto assets

The purchase of crypto assets is processed against Euro, US Dollar and Swiss Franc. Trading takes place daily from 8 am to 6 pm (CEST). The new selection of tradable and custodial crypto currencies from Bank Frick now includes Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), Ether (ETH), Ethereum Classic (ETC), NEM (XEM), Qtum (QTUM), Stellar (XLM) and USD Coin (USDC).
Security thanks to cold storage and diversification

The Bank keeps its customers' crypto assets in cold storage wallets. These are physically separated from the Internet and therefore cannot be hacked from the outside. The wallets and their backup copies are held securely on a geo-redundant basis.

Investments in crypto assets are highly speculative, which is why Bank Frick recommends a cautious mix in the portfolio.

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