Cryptocurrency

Liechtenstein-Based Bank Frick Announces Institutional Cryptocurrency Trading Platform

Liechtenstein-Based Bank Frick Announces Institutional Cryptocurrency Trading Platform

A family-run bank in Liechtenstein has now announced that it intends to launch an institutional cryptocurrency trading platform subsidiary. The financial institution, Bank Frick, intends to use the subsidiary to ”build on its pioneering role in the area of blockchain banking.”

DLT Markets will cater to institutional investors

Specifically, this news comes from a recent report by Cointelegraph auf Deutsch. Dubbed ”DLT Markets” this subsidiary aims to provide institutional investors with professional, institutional-grade access to various exchanges and different digital tokens.

This is not the first time that Bank Frick has expressed interest for blockchain-based banking. Bank Frick has previously offered ”direct investment” in cold storage of several different cryptocurrencies to its customers.

DLT Markets a part of a wider push towards blockchain-based banking

In fact, Bank Frick is stating that this latest move comes as ”Bank Frick is continuing to build on its pioneering role in the area of blockchain banking” through providing ”institutional investors with professional access to the multi-exchange trading of digital tokens.”

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Furthermore, Bank Frick recently established another subsidiary called Distributed Ventures, which is tasked with promoting and financing fintech and blockchain technology start-ups. This further highlights Bank Frick’s apparent commitment to the blockchain field.

Moreover, the bank’s CEO, Edi Wögerer, noted that DLT Markets represents a distinct opportunity to appeal to institutional clients. Furthermore, the venture will reportedly combine the best aspects of fast-moving financial technology with traditional banking.

Wögerer noted as much in the bank’s official statement:

”With our spin-off, we are offering institutional clients a unique combination of a fintech company and a bank regulated by the EU.”

This subsidiary will be headed by Roger Wurzel, who has previously worked with business development at the bank. Furthermore, the firm’s previous blockchain project developer Markus Besler will be responsible for DLT Markets’ business development.

According to the bank’s official statement, Bank Frick ”supports Initial Coin Offerings (ICOs), provides custody of crypto assets and dealing services in leading cryptocurrencies for Bank Frick clients, and makes crypto assets bankable.”

Notably, it would seem that Lichtenstein has recently been warming to cryptocurrencies. Less than two weeks ago, Lichtenstein’s postal service announced that it intends to offer cryptocurrency exchange services at its physical locations.

It remains to be seen what comes of Bank Frick’s most recent subsidiary, but the development is undoubtedly intriguing.

Image Source: “Flickr”

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