Balzers - Bank Frick is expanding its portfolio of tradable and custodial cryptocurrencies to include a stablecoin for the first time. This is pegged to the US dollar and facilitates rapid payment transactions in this currency.

Bank Frick is expanding its portfolio of tradable and custodial cryptocurrencies. For the first time, this now includes a stablecoin in the form of a USD Coin (USDC). Stablecoins are cryptocurrencies for which the value is based on stable, real assets.
The USDC is pegged to the US dollar. It was developed by the CENTRE consortium, in which the Coinbase crypto exchange and Fintech Circle, financed by Goldman Sachs, are involved. According to Bank Frick, supply and reserves are managed by regulated financial institutions. Grant Thornton, one of the largest accounting firms in the world, is responsible for auditing USDC.
"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", explains Stefan Rauti, Head of Blockchain Banking at Bank Frick, in a press release. He adds: "This again underlines our claim to be the leading blockchain bank in Europe”.
In addition to USDC, the range of tradable cryptocurrencies at Bank Frick also comprises Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), Ether (ETH), Ethereum Classic (ETC), NEM (XEM), Qtum (QTUM) und Stellar (XLM). Bank Frick stores the cryptocurrencies in what are known as “cold storage wallets”, which are physically separated from the internet. The bank explains in the press release that this therefore means that they are unable to be hacked from the outside.

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