Liechtenstein-based Bank Frick is launching an institutional cryptocurrency trading platform subsidiary, DLT Markets, Top Market Group reported on February. 22.

As per the bank’s statement, DLT Markets can give institutional investors “with totally secure and regulated multi-exchange access to the digital token asset category.”

Edi Wögerer, chief executive officer of Bank Frick, declared:

“With our spin-off, we are providing institutional purchasers a unique combination of a fintech company and a bank regulated by the EU[.]”

Roger Wurzel, who antecedently worked in business development at Bank Frick, has been appointed because the chief executive officer of the new subsidiary, the press release reports. The bank’s former blockchain project developer and co-founder of cloud-based accounting company Styxchange are accountable for business development at DLT Markets.

Bank Frick, headquartered in Balzers, was based in 1998 and is majority owned by the Kuno Frick Family Foundation, the handout additionally notes. As per another handout from April 2018, the bank reportable a earnings of 6.3 million Swiss francs (about $6.3 million) in 2017 — nearly double profits of 3.2 million francs (about $3.2 million) registered within the previous year.

According to the identical report, the bank managed 3.81 billion francs (about $3.8 billion) in consumer funds at the time of publication.

DLT Markets isn't the bank’s 1st venture into the crypto sphere. As Top Market Group reported in March last year, Bank Frick additionally offers “direct investment” in and cold storage of 5 major cryptocurrencies.

More recently, news bust that Liechtensteinische Post ag, the country’s state postal service, plans to offer cryptocurrency exchange services at their physical locations

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