Top Liechtenstein Bank Announces Launch Of Institutional-Grade Cryptocurrency Exchange
Bank Frick, a Liechtenstein-based institution is looking to launch an institutional-grade cryptocurrency trading platform named DLT Markets, the bank noted in a statement published on February 22.
DLT Markets, according to local media reports, and per the bank’s statement, will offer institutional investors the chance to invest in the crypto asset class via a “fully regulated and secure multi-exchange.”
The banks Chief executive officer Edi Wögerer reiterated the new offering’s inimitability, claiming that the ‘spin-off’ offers its prospective institutional clients access to crypto unlike any other in the market.
He said theirs is “a unique” platform that combines the features of a “fintech startup and those of a mainstream bank that is regulated by the European Union.
Bank Frick has appointed Roger Wurzel as the CEO of the newly created subsidiary. As per the press release, Wurzel previously worked at the bank’s business development department.
At the same time, Frick has secured the services of the developer who once worked for the financial institution on its blockchain project. The developer is also the co-founder of Styxchange, a cloud-based accounting company that will now take charge of business development at Bank Frick’s DLT Markets.
Founded in 1998, the bank has reportedly witnessed dramatic growth over the last few years to reach over 3.81 billion Swiss francs (approx. $3.8 billion) in client funds under management.
The report notes that Bank Frick’s revenue more than doubled in 2017compared to figures recorded in 2016. The Balzers-headquartered company is controlled by the Kuno Frick Family Foundation, which owns a majority of the shares.
As per an April 2018 report on the bank’s earnings, the increasingly crypto-friendly bank recorded a net profit of about 6.3 million Swiss francs (roughly $6.3 million) in its 2017 financial year. The net profit was double what the bank had collected in 2016- about $3.2 million.
The launch of the DLT Markets platform continues Frick Bank’s earlier move into the crypto industry that saw it roll out a crypto-related venture in March last year.
As reported then, the bank first dabbled with crypto via an offering that gave users access to “direct investment” in crypto, it also launched a service that provided cold storage services for five of the top cryptocurrencies.
Liechtenstein is among a handful of country’s to have a growing level of support for crypto and blockchain. Like in Malta, the trend is picking up in this tiny EU nation as it gradually becomes a top crypto destination in Europe.
Adding to the positive sentiment are recent reports that have claimed that country’s state postal service, Liechtensteinische Post AG, has embarked on plans that will see it eventually launch a number of cryptocurrency exchanges.
According to the allegations, the new platforms will offer crypto trading and exchange services at the company’s physical locations across the country.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.