According to a news released by a Frick bank of Liechtenstein on February 22, they will soon provide their customer with infrastructural access to trade cryptocurrencies from various platforms in an entirely smooth manner. To achieve this vision, the bank will be working with DLT Markets. The bank said, this will permit its customers to trade cryptos in a regulated environment, as is done in the traditional market.
The former business development executive, Roger Wurzel, of the Bank is given the responsibility of CEO for the new subsidiary. Roger has a plethora of experience he has even worked with Deutsche Bank, for their equities and derivatives.
The former blockchain project development partner of the Bank Styxchange will look after the business development of DLT Markets.
According to a spokesperson of DLT Markets, they are now developing the infrastructure that will create a feasible trading platform for its customers. This will allow their customer to trade on the global digital currency market. The bank will also provide its core clientele with custodial services to trade digital assets.
This is a remarkable development in the cryptocurrency industry as so far none of the exchanges or any other trading platforms have provided its customer with any custodial services. DLT will also perform a risk analysis of the market and will also run an effective market management process so that the payment and booking of the assets can be done securely. The customers will have to pass the KYC and AML test of the Bank.
Bank Frick was founded in 1998. It has headquarters in Balzers. The Kuno Frick Family establishment owns a large portion of the shares of the Bank. According to a report the Bank has made a profit of $6.3 million in 2017 and has almost doubled its profit.
Although this is not the first venture of the bank to work with digital assets, it also provides cold storage and direct investment for five top digital currencies. According to the latest reports, the country’s postal service will provide digital currency exchange facilities at their real locations.
Austria and Switzerland share a border with the tiny nation of Liechtenstein. The country has shown its positive interest in cryptocurrencies from the very beginning and has adopted blockchain technology successfully. The company has also attracted cryptocurrency companies with its friendly legislation. The country is facing steep competition with other European nations like Malta and Gibraltar in this field.