Bank Frick Adds Support For USDC Transactions, Finds it Much Faster and Efficient Than Swift
Liechtenstein-based Bank Frick is one of the top blockchain and crypto-friendly banks in Europe. It has taken another step to concrete its position by adding support for stablecoin USDC along with allowing clients to process USD payments through stablecoin as well. The bank upon testing the stablecoin based payments found that they cost way less and are much faster and efficient than the traditional SWIFT.
The bank was acquired a universal banking license back in 1998 and now offers a fully integrated blockchain banking services along with the traditional one. This hybrid banking services also allow the Frick bank to have one of the most diverse sets of clients which include asset managers, Fintech firms, fund promoters, pension funds, payment service providers, family offices, and fiduciaries.
This addition would allow the bank’s professional market participants and wealthy private clients to trade in USDC while the bank would also ensure the safekeeping of their client’s USDC. Stefan Rauti, Head of Blockchain Banking at Bank Frick commented on the thought process behind this decision saying,
“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. This underlines our claim to be the leading blockchain bank in Europe.”
USD would join the list of Bitcoin, Ether, Litecoin, Ripple, Bitcoin Cash, Ethereum Classic, NEM, Qtum, and Stellar. Traders can make the purchase of these crypto-assets against Euro, US Dollar and Swiss Franc and the trading would take place between 8 am to 6 pm (CEST) daily.
The bank promises to offer highest level of security for the custody services and would hold the client's fund in cold storage, and the keys along with the backup copies are held safely on a geo-redundant basis.