A Bank in Liechtenstein Grew It’s Traffic by 900%, by Selling Cryptocurrencies

[jonathan6655321]

I read this article 2 hours ago and I think it's a great use case for more companies to understand the value of accepting crypto.

We are still in so early stage in this market and every time that a new website/company that decides to accept their site:

1. Gets a lot of media coverage
2. Get new clients.

Will be cool to see more use cases such as this in the near future




Link to the original Article:
https://blog.bitsofgold.net/a-bank-in-liechtenstein-grew-its-traffic-by-900-by-selling-cryptocurrencies/

[avikz]

It seems like they are not only accepting cryptos but also providing ICO services to cater their funding needs! I have just visited the website of Bank Frick and it seems like they are offering a whole array of blockchain banking products including trading and custodian services.

https://www.bankfrick.li/en/blockchain-banking/crypto-structuring-services

Even though the bank is very small in size, but enough to make a major impact in the world of banking by setting a positive example! Kuddos to Bank Frick management!

[Adriano2010]

I didn't know that, is a great news, i hope we can have more banks who will do this on long term and maybe this will help us to have mass adoption, but who know if banks will want to.

[Nadziratel]

I read this article 2 hours ago and I think it's a great use case for more companies to understand the value of accepting crypto.

We are still in so early stage in this market and every time that a new website/company that decides to accept their site:

1. Gets a lot of media coverage
2. Get new clients.

Will be cool to see more use cases such as this in the near future




Link to the original Article:
https://blog.bitsofgold.net/a-bank-in-liechtenstein-grew-its-traffic-by-900-by-selling-cryptocurrencies/

Have I got it right? Does the bank sell cryptocurrencies? This is something completely new!

[shield132]

Hmm, seems demand in high in Liechtenstein but for bank services, demand will always be because financial institute is something that we all of us use.
But to be fair, in some countries there isn't big demand in banks for cryptocurrencies, in country where I live, almost no one uses Bitcoin ATM. One man from this forum accepted bitcoin payments in his caffee and during two month, there was only one transaction which was almost donation.

[o_e_l_e_o]

I read this article 2 hours ago and I think it's a great use case for more companies to understand the value of accepting crypto.

I disagree. Accepting crypto only because it will give you some media coverage and some new clients, while making good business sense for the company in question, isn't exactly a "great use case" for bitcoin on the whole. We want to reach a point where companies want to accept crypto because it is cheaper, faster, easier, safer, etc., than accepting fiat.

In terms of this bank specifically, I was concerned when I read this line in the article:

Furthermore, customers will not be required to have their own cryptocurrency wallet and will regularly receive reports on their cryptocurrency holdings from the bank.

It says customers will not be required to use their own wallet, but it doesn't say if customers can use their own wallet if they wish to. Trusting a third party institution, such as a bank, exchange, or web wallet, to hold your coins on your behalf has only ever turned out poorly, with such institutions being hacked, shutting down, disappearing, scamming, becoming insolvent, etc. Not your keys, not your bitcoin.

[Danslip]

Due to the increased demand it is expected to see a growth in the bank sales and trading. Even small crypto exchanges can compete with the big traditional banking institutions in terms of providing financial services and profits.

[mk4]

So a bank in Liechtenstein created their own trading platform. Alright. It's a good business move to say the least. I don't see anything special though? It's just a new trading platform and it just so happens that a bank started it. Technically probably no different than other legitimate and regulated trading platforms.

[ecnalubma]

Hmm, seems demand in high in Liechtenstein but for bank services, demand will always be because financial institute is something that we all of us use.
But to be fair, in some countries there isn't big demand in banks for cryptocurrencies, in country where I live, almost no one uses Bitcoin ATM. One man from this forum accepted bitcoin payments in his caffee and during two month, there was only one transaction which was almost donation.

In our country there are some Crypto atm but only few used it. I think the demand for crypto is indirect or uncertain on how crypto should be market to the public. But banks can play major role to explain how cryptocurrency works to their clients.

[kryptqnick]

It's cool that instead of fighting the future, some banks are supporting it and finding ways of making profits out of it. Crypto trading is indeed in high demand, and doing it through the bank makes it more official, which can be more comfortable for some people than using popular exchanges.

It seems like they are not only accepting cryptos but also providing ICO services to cater their funding needs! I have just visited the website of Bank Frick and it seems like they are offering a whole array of blockchain banking products including trading and custodian services.

https://www.bankfrick.li/en/blockchain-banking/crypto-structuring-services

Even though the bank is very small in size, but enough to make a major impact in the world of banking by setting a positive example! Kuddos to Bank Frick management!

I have mixed feelings about banks providing services for ICOs. If the bank is able to dive deeply into the project and make sure it's a legit one, then it's great, because it might be a way of throwing scam away from the market. If the bank is mainly focused on profits and is thus only checking whether minimum formal requirements are met by ICOs, it is supporting the market that makes a lot of people lose their money.

[LeGaulois]

The country has a bit the same mentality as Switzerland about money. So the fact that they sell such products is not so surprising.
The bank itself is surely more interested to attract new customers than the 'mass adoption". And talking about it, it doesn't help, people interested to buy such products via their bank are interested to "hold" only, not to use.

[xvids]

Well it is good for both sides they attracted a lot more customers and the crypto gets promoted by them.
So I think it is a win win situation for both parties but when it comes to their ICO I don't really think that the crypto enthusiast would really invest in it .
Crypto is known for being decentralized and banks creating their own ICO would be the other way around for me it seem's like they just want to make some centralized crypto to let them control it and be part of crypto industry.

[dothebeats]

So a 'bank' basically acted as a 'middleman' which bitcoin, in its ethos, wants to eliminate? Props to the bank for thinking outside the box but seriously, I see this something as a gimmick to gain more users and peers rather than revolutionize the said digital currency. At its core, those are still bankers we're talking about, and they create these financial services to gain profit from facilitating deals that could also be done outside their platforms but hey, we trust them with our money anyways. I'm quite torn as to what to expect on this move, but one thing's for certain: Liechtenstein is open in revolutionary ways to bank and to deal with the growing Fintech hype.

[Danslip]

So a 'bank' basically acted as a 'middleman' which bitcoin, in its ethos, wants to eliminate? Props to the bank for thinking outside the box but seriously, I see this something as a gimmick to gain more users and peers rather than revolutionize the said digital currency. At its core, those are still bankers we're talking about, and they create these financial services to gain profit from facilitating deals that could also be done outside their platforms but hey, we trust them with our money anyways. I'm quite torn as to what to expect on this move, but one thing's for certain: Liechtenstein is open in revolutionary ways to bank and to deal with the growing Fintech hype.

Traditional banking is feeded by the blood of average people and greedy bankers want all. It is not nice by their side to see a new contender which has the ability to destroy their rigged system with the mathematically correct algorithm. Liechtenstein can not be an exception but they also don't want to miss a train for any case IMHO.

[bitcoin-shark]

is a great news a bank that accepts the crypto and is favorable and supports the ico, no matter the size of this bank it is perhaps a new beginning of the plot, the collaboration between two different worlds the fiat world / banks and the virtual world / altcoins maybe even the last barriers are about to fall...

[Genemind]

Accepting crypto just for media exposure will not provide long term media coverage. It will only last a short time though it will surely be a great privilege to be endorsed. This kind of news is another point for cryptocurrency because we all know that banks are too competitive with crypto. Knowing that they're accepting crypto is also another chance to spread awareness about it.

[Ailmand]

Due to the increased demand it is expected to see a growth in the bank sales and trading. Even small crypto exchanges can compete with big traditional banking institutions in terms of providing financial services and profits.

I agree with you. Most people now trust cryptocurrency and exchanges more than traditional banks because of the advantage of financial freedom. I have never heard that banks are now selling cryptocurrency but what I know is they're accepting it. It's still great news for crypto world and will push it more to grow further.

[bhabygrim]

It seems like they are not only accepting cryptos but also providing ICO services to cater their funding needs! I have just visited the website of Bank Frick and it seems like they are offering a whole array of blockchain banking products including trading and custodian services.

https://www.bankfrick.li/en/blockchain-banking/crypto-structuring-services

Even though the bank is very small in size, but enough to make a major impact in the world of banking by setting a positive example! Kuddos to Bank Frick management!

It is great that they are finally embracing cryptocurrency and accepting it.
They really are into crypto just look at how much service they are offering the other stuff that they would also do in the future.
I hope that the other banks would also follow their step and accept the change.

[pooya87]

One man from this forum accepted bitcoin payments in his caffee and during two month, there was only one transaction which was almost donation.

that is not a good indication though because generally people are reluctant to spend their bitcoins. and on top of that whenever price is falling (which has been the case for more than a year in 2018) they are ever less willing to spend their bitcoins. if this was during a rise and if the fees weren't high then you could see a lot more spends.

[kazyfh]

So we waited for the moment when the banks themselves will begin to join the blockchain revolution. Although conversations continue that the cryptocurrency market is not large enough to be able to talk about full-fledged expansion, one cannot but see the convenience of the blockchain technology. And apparently once in the news they say that a group of banks is creating their project to secure a payment coin, they will probably soon decide how to settle the blockchain to make it universal.