Bank Frick, a leading blockchain bank operating in Europe, has announced the addition of a stablecoin, USD Coin (USDC) to its range of tradable and custodial cryptocurrencies. The USDC was developed by the CENTRE consortium, in which the crypto exchange Coinbase and the Fintech Circle financed by Goldman Sachs are involved.
The bank offers professional market participants and wealthy private clients the trading and safekeeping of the USD Coin (USDC) within the fully regulated environment of the bank. The USDC ensures price stability as it is linked to the US dollar and deposited at a ratio of 1:1, with supply and reserves being managed by regulated financial institutions. Grant Thornton is responsible for the USDC audit.
Stefan Rauti, Head of Blockchain Banking at Bank Frick, said: “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.”
The purchase of crypto assets is processed against the Euro, US Dollar, and Swiss Franc. Customers’ crypto assets are held in cold storage wallets, which are physically separated from the Internet and therefore cannot be hacked from the outside. The new selection of tradable and custodial cryptocurrencies 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).
Bank Frick is an independent family-run bank in Liechtenstein founded in 1998. The addition of USDC to its range of cryptocurrencies follows the recent launch of StableCoin as a Service (SCaaS) solution, in partnership with Dutch technology provider Quantoz. Audit partner is BDO a leading auditor in Switzerland.
The service is fully PSD2-compliant and enables its issuers to issue their own stablecoin and to integrate it easily into their existing systems. As a result, the issuer’s merchants and end customers benefit from a secure and stable token-based payment ecosystem. The offer is a Software as a service solution based on Quantoz’ established NEXUS technology which enables issuers to issue their own stablecoin in a closed ecosystem.