Liechtenstein’s Bank Frick is starting an institutional digital currency trading platform subsidiary, DLT Markets.
As per the bank announcement, DLT Markets will give institutional investors “with completely regulated and secure multi-exchange access to the digital token asset class.”
CEO of Bank Frick, Mr. Edi Wögerer, said:
“With our spin-off, we are offering institutional customers a unique combination of a fintech company and a bank regulated by the E.U.”
Mr. Roger Wurzel, who earlier worked in business development at Bank Frick, has been named as the CEO of the new subsidiary, the press release reports. The bank’s former blockchain project developer and co-founder of cloud-based accounting company Styxchange will be accountable for business development at DLT Markets.
Headquartered in Balzers, Bank Frick was founded in 1998 and is majority controlled by the Kuno Frick Family Foundation, the press release further notes. As per another press release from April 2018, the bank reported a net profit of 6.3 million Swiss francs in 2017 nearly double profit of 3.2 million francs registered in the preceding year.
As per the same report, the bank managed 3.81 billion francs (about $3.8 billion) in customer funds at the time of publication.
DLT Markets isn’t banks first venture into the cryptocurrency sphere. As reported in March 2018, Bank Frick further offers “direct investment” in and cold storage of five major digital currencies.
Recently, news broke that Liechtensteinische Post AG, the nation’s state postal service, intends to offer digital currency exchange services at their physical locations