Bitcoin Cash is now available for purchase through Liechtenstein’s Bank Frick. The bank will also provide BCH custody services for professional investors.
Liechtenstein-based Bank Frick from now on offers its customers to buy Bitcoin Cash (BCH) with fiat currencies. Customers can purchase BCH with Swiss francs, euro, and US dollars.
Stefan Rauti, Head of Blockchain Banking at Bank Frick, says, “By adding Bitcoin Cash, we are offering our clients yet another way to diversify their portfolios. […] We are pleased to be able to offer this attractive cryptocurrency, which underlines our position as Europe’s leading blockchain bank.”
Purchase and custody services for Bitcoin Cash
Compared to other banks, Bank Frick has already had an extensive crypto offering including the purchase and custody of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Ethereum Classic (ETC) and less popular altcoins, including NEM (XEM), Qtum (QTUM), and Stellar (XLM).
Bank Frick’s also offers custodial services for these cryptocurrencies, now including BCH. The bank stores its customer’s crypto assets in a cold storage vault, meaning a wallet that is physically separated from the internet and thus safer compared to hot wallet solutions. The bank’s cold storage vault, however, will remain reserved for miners, institutional clients, and high net worth individuals.
Besides Bank Frick, Börse Stuttgart, Germany’s second-largest stock exchange, has also decided last week to make BCH available through its digital trading platform Bison. The platform now has around 81,000 users and also supports bitcoin core (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP).
Bitcoin Cash has been controversial since its launch
BCH was created in 2017, by a so-called hard fork – or split – of the Bitcoin protocol. It is now the fourth-largest cryptocurrency by market capitalization. Later on, the project implemented several more hard fork upgrades, some of them resulted in new cryptocurrencies, most notably Bitcoin ABC and Bitcoin SV.
The cryptocurrency was somewhat controversial in the blockchain industry from the start. Much of this controversy stems from Bitcoin Cash’s aspiration to challenge Bitcoin. Supporters of both coins try to claim the right and name to the “original” Bitcoin. That said, the network is still significantly smaller with just 50,000 transactions per day. It trades at below $400 – compared to Bitcoin which is just short of $10,000 at the time of writing.
But wherever one may stand in this debate, ultimately, it’s the market who decides. Demand for BCH is definitely there; it’s one of the most liquid crypto assets in the market. Thus, Bank Frick offering the currency for trading is servicing a market need.