The bank has further stated that DLT Markets will offer institutional investors “with fully regulated and secure multi-exchange access to the digital token asset class.”
Regarding the bank’s plan to set up an institutional platform for trading cryptocurrencies, CEO Bank Frick Edi Wögerer said “With our spin-off, we are offering institutional clients a unique combination of a fintech company and a bank regulated by the EU[.]”
Roger Wurzel, who was in charge of business development at Bank Frick has been appointed as the CEO of DLT markets. Furthermore, the co-founder of the cloud-based accounting company Styxchange and the previous blockchain developer for Bank Frick is now given the task of business development at DLT Markets.
Kuno Frick Family Foundation owns a majority stake in Balzers headquartered Bank Frick, established in 1998. In April 2018, the bank posted a net profit of CHF 6.30 million for fiscal 2017, almost double the CHF 3.2 million reported in the earlier year.
That report also reveals that the bank managed CHF 3.81 billion in clients funds. It can be noted that DLT Markets is not the first venture of the bank in crypto domain. Bank Frick facilitates “direct investment” in and cold storage of top five cryptocurrencies.
Notably, Liechtensteinische Post AG, the official postal service of the country, has begun to offer crypto exchange services at their branches.