Liechtenstein’s Bank Frick Launches Institutional Crypto Trading Platform
Liechtenstein-based Bank Frick is introducing an institutional cryptocurrency trading platform subsidiary, DLT Markets, Cointelegraph auf Deutsch reported on Feb. 22. According to the bank's statement, DLT Markets will offer institutional investors “with completely regulated and protected 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, who formerly operated in business development at Bank Frick, has actually been selected as the CEO of the brand-new subsidiary, the press release reports. The bank's former blockchain project developer and co-founder of cloud-based accounting company Styxchange will be responsible for business development at DLT Markets.
Bank Frick, headquartered in Balzers, was founded in 1998 and is majority owned by the Kuno Frick Family Foundation, the press release also keeps in mind. According to another press release from April 2018, the bank reported a net revenue of 6.3 million Swiss francs (about $6.3 million) in 2017, almost double revenues of 3.2 million francs (about $3.2 million) registered in the previous year. According to the exact same report, the bank managed 3.81 billion francs (about $3.8 billion) in client funds at the time of publication.
DLT Markets is not the bank's first endeavor into the crypto sphere. As Cointelegraph reported in March last year, Bank Frick also offers “direct financial investment” in and cold storage of five major cryptocurrencies.
Bank Frick is independent and family-run. Their Bank is controlled by the Frick household, and their independence guarantees the Bank's long-term tactical orientation. In addition to this, their structure permits quick and binding choices. With their crossover method, they and their partners integrate the best features of monetary services from various different disciplines. Crossover Finance enables us to create added value for their clients. A healthy and professional working environment is essential to us, and this mindset has actually enabled us to build up an exceptionally devoted labor force in time, along with making sure that their clients can anticipate to be served by the same personal consultant whenever they need support.
More recently, news broke that Liechtensteinische Post AG, the country’s state postal service, plans to offer cryptocurrency exchange services at their physical locations.