Liechtenstein’s Bank Frick will launch an institutional cryptocurrency trading platform subsidiary, dubbed as DLT Markets, as reported by Cointelegraph auf Deutsch on Feb. 22.
As per the bank’s announcement, the new platform DLT Markets will provide institutional investors “with fully regulated and secure multi-exchange access to the digital token asset class.” Edi Wögerer, CEO of Bank Frick, declared:
“With our spin-off, we are offering institutional clients a unique combination of a fintech company and a bank regulated by the EU[.]”
Roger Wurzel, a former employee in business development at Bank Frick has been appointed as the CEO of the new subsidiary. Styxchange, the bank’s former blockchain project developer and co-founder of cloud-based accounting company will be responsible for business development at DLT Markets.
The press release further notes that Bank Frick was founded in 1998. Headquartered in Balzers it is majority owned by the Kuno Frick Family Foundation. A separate press release from April 2018, reports that the bank has garnered a net profit of 6.3 million Swiss francs (about $6.3 million) in 2017 and nearly double profits of 3.2 million francs (about $3.2 million) registered in the previous year. The same report further states that the bank managed 3.81 billion francs (about $3.8 billion) in client funds at the time of publication.
Notably, this will not be the bank’s first venture into the crypto sphere, it also offers “direct investment” in and cold storage of five major cryptocurrencies. In a more recent announcement, the Liechtensteinische Post AG, country’s state postal service, will be offering cryptocurrency exchange services at their physical locations.