Bank Frick, a Liechtenstein-based bank, is launching an institutional crypto trading platform subsidiary, the bank announced in a February 20 press release. According to the announcement, the subsidiary called DLT Markets, will provide institutional investors “with fully regulated and secure multi-exchange access to the digital token asset class.”
Edi Wögerer, the CEO of Bank Frick, said that the bank’s spin-off company will offer institutional clients a unique combination of a fintech company and a bank regulated by the European Union.
Roger Wurzel, who was previously a part of Bank Fricks business development team, was named the new CEO of DLT Markets, the bank said in the release. The Business Development area of DLT Markets will be headed by Markus Besler, who was most recently a blockchain project developer at Bank Frick and previously a co-founder of Styxchange.
Bank Frick only recently established Distributed Ventures AG, a subsidiary tasked with promoting and financing fintech and blockchain start-ups. The establishment of DLT Markets is the bank’s next step in combining regulatory security with the benefits of blockchain banking.
And while it’s regarded as a significant step forward for the entire industry, DLT Markets isn’t the first time Bank Frick has ventured into the crypto sphere. In February 2018, it became the first financial institution in Liechtenstein to offer the trading of five leading cryptocurrencies and secure safekeeping via offline storage. The same year, the bank reported a net profit of over $6.3 million for 2017.
Based in the city of Balzers in Liechtenstein, Bank Frick is among the few family-owned banks in Europe. According to its official website, the bank, which was founded in 1998, is majority owned by the Kuno Frick Family Foundation.