Big news for the crypto space was released on February 22, 2019. Frick, a Liechtenstein-based bank announced on February 22 that it is going to launch a platform for institutional trading of cryptocurrency. The rumors of institutional currency into crypto space was on fire since the last months of 2018. In this perspective, this launch is being considered as a big move in crypto space.
As per the officials of the bank, DLT market (the subsidiary of Frick for this platform) will provide, a fully regulated and secure multi-exchange access of cryptocurrencies to the investors of institutional money in this space. Even, the CEO of the Frick bank, Edi Wögerer also stated that with this launch, they are offering a unique combination of a bank regulated by the EU and a fintech company to their institutional investors. Frick has appointed Roger Wurzel as the CEO of DLT market. Roger has been a member of the business development of the same bank. Frick has also appointed the former developer of the blockchain project of the bank as the man responsible for the business development of this subsidiary.
Founded way back in 1998, this bank has its headquarter at Balzers. As per the recent stats, Frick has gained a massive profit of around $6.3 million in the year 2017, which was about $3.2 million in 2016. Frick has also received a fund of about $3.8 billion from its client.
It is not the first time that Frick bank has thrown some stones in the crypto space. As per news, it had also offered a direct investment in five major cryptocurrencies in March 2018. Also, recently a rumor about the postal service of the country for planning to offer an exchange of digital currencies at the post offices broke.
So, in shorts, this is massive news for the crypto world. If it launches successfully, it could serve as a bridge between the institutional money and the crypto world. Let us see what happens in the future.