The Liechtenstein-based bank Frick announced the official launch of an institutional crypto trading platform subsidiary according to reports coming to our crypto news this Sunday.
According to the Frick bank announcements, DLT markets will provide all of the institutional investors a fully regulated and a ‘’multi-exchange access to the digital token asset class’’ for which the CEO of the bank Edi Wogerer stated:
“With our spin-off, we are offering institutional clients a unique combination of a fintech company and a bank regulated by the EU.’’
The business developer at the Frick bank Roger Wurzel who no longer works at the bank has been appointed as the new CEO of the new subsidiary according to the press release reports. The former blockchain project developer and the co-founder of Styxchange, a cloud-based accounting company will also be responsible for how the business further developers in regards to the DLT markets.
Frick Bank has headquarters in Balzers and was initially founded in 1998 owned by the Kuno Frick Family Foundation according to the documents reported. Another press release going all the way back in August 2018 shows that the bank reported a 6.3 million Swiss francs in net profit which is nearly a doubling since the profit registered the previous year. The same report shows that the bank managed 3.81 billion francs in client funds at the same time.
DLT markets are not the first venture of the bank into the crypto space. Back in March, Frick Bank also offers cold storage of five major cryptocurrencies. Most recently, the Leichtensteinische Post AG announced their plans of offering crypto exchange services at all of their physical locations.
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