Bank Frick, a private bank based in Liechtenstein, recently attracted the attention of the cryptocurrency community after reporting a 900% increase in web traffic. This astounding progress was made after the bank began offering cryptographic services to its customers.
In March 2018, the Liechtenstein-based bank explored the crypto-space to merge traditional banks and cutting-edge financial innovations. He offered his customers the possibility of buying cryptocurrencies directly from the bank using fiat coins.
For added security, Bank Frick has also developed related crypto-custody services. It keeps all digital resources in a cold room, helping to protect user funds.
Frick's Freaking Crypto Figures
Bank Frick became the first in the country to make such a revolutionary move – and the train shows no signs of slowing down. It also offers advisory services to ICOs, which is not typical of traditional banks. Recently, it announced its intention to launch its own cryptocurrency trading platform to attract institutional clients as it is a "unique combination of a fintech company and a bank regulated by the EU".
As a result, the bank said it was able to significantly increase its online presence and organic traffic on its website. Traffic was quite low before Bank Frick was involved in cryptocurrencies, but recorded a peak of 900%. The bank also boasted that it had almost doubled its total profits in recent years, from $ 3.2 million to $ 6.3 million (although in reality, this was during its "pre-cryptic" period). However, the bank believes that its current progress has a lot to do with its crypto-oriented strategies.
Devil in the details
C & # 39; is a single flaw, however, and users of Reddit have been ready to report it. They argued that 900% means nothing if real numbers are considered. In fact, Bank Frick previously had no more than 200 views per month and has now peaked at around 1250 views per month. So, the bank's performance is still very low, so much so that the article reporting on it probably got more views, readers joked.
The news also received many supportive replies. Some pointed out that the total population of Lichtenstein is less than 40,000, so in comparison, the numbers are not so bad.
They welcomed a small bank that found an innovative way to grow bigger by capitalizing on the cryptocurrency market. It is good that not only mainstream heavyweights like JP Morgan or Mizuho dare to enter the encrypted space.
Tiny Bank Frick demonstrates how to intelligently adapt to the changing market environment to remain relevant and profitable. It can encourage other larger financial institutions to integrate traditional finances with digital resources. This could be a big step forward in promoting wider blockchain adoption and helping to bring bank encryption into the mainstream.
Do you think Bank Frick will be the poster child for the adoption of cryptocurrency by other banks? Let us know your thoughts in the comments below!
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