Cryptocurrency Responsible For 900% Web Traffic Spike for This Bank

In March 2018, the Liechtenstein-based bank delved into the crypto space in order to blend traditional banking and cutting-edge financial innovations. It offered its clients the option to buy cryptocurrencies directly from the bank using fiat currencies. For increased security, Bank Frick also developed related crypto-custody services. It keeps all digital assets in cold storage, helping to secure users’ funds.

Frick’s Freaking Crypto Figures

Bank Frick became the first in the country to make such a revolutionary move — and the train is showing no signs of slowing. It’s also offering advisory services to ICOs, which is absolutely not typical of traditional banks. Recently, it announced plans to launch its own cryptocurrency trading platform to attract institutional clients by being a ‘unique combination of a fintech company and a bank regulated by the EU.’ As a result, the bank stated it was able to considerably increase its online presence and organic traffic to its website. Traffic was quite low before Bank Frick became involved in cryptocurrencies, but it registered a 900 percent spike. The bank also boasted that it almost doubled its total profits in the recent years, from $3.2 million to $6.3 million (although in fact, this was during its ‘pre-crypto’ period). Either way, the bank believes its current progress has much to do with its crypto-oriented strategies.

Devil in the Details

There’s a fly in the ointment, however, and Reddit users were quick to point it out. They claimed that 900 percent means nothing when considering the actual numbers. Indeed, Bank Frick previously had no more than 200 views per month, and now reached a peak of 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 jested. The news did receive quite a lot of supportive responses, as well. Some stressed that the total population of Lichtenstein is less than 40,000, so comparatively, the numbers are not that bad. They welcomed a small bank that has found an innovative way to grow bigger by capitalizing on the cryptocurrency market. It’s positive that not only mainstream heavyweights like JP Morgan or Mizuho dare to delve into the crypto space. Tiny Bank Frick demonstrates how to adapt smartly to the changing market environment to remain relevant and profitable. It may encourage other, bigger, financial institutions to integrate traditional finances with digital assets. This could be a big step in promoting wider blockchain adoption and help to carry crypto banking into the mainstream. Do you believe Bank Frick will be the poster child for other banks’ adoption of cryptocurrency? Let us know your thoughts in the comments below!