A bank in Liechtenstein is going to be offering its clients the chance to trade in cryptocurrency. Based in the small province’s capital of Vaduz, Bank Frick will be working with its subsidiary, DLT Markets, to provide the service.
According to a statement released by the bank this Thursday, DLT Markets will be providing the trading infrastructure that customers need to access the cryptocurrency market.
Concurrently, Bank Frick will be providing custodial services to anyone trading cryptocurrency. That is significant as, though there have been a number of positive developments in the custodial arena, many exchanges and cryptocurrency trading platforms still offer very poor custody services.
“We are creating a unique market offering for institutional investors in the area of the new digital token asset class,” said DLT Markets CEO Roger Wurzel. “With our fully regulated platform, we are driving professionalism with regard to the trading of digital tokens and cryptocurrencies.”
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Thursday’s news comes hot on the heels of Bank Frick announcing the formation of DLT Markets. Although it is already working with its owner to provide trading services, the formation of DLT Markets was only announced on Wednesday.
Wurzel, who will be the driving force behind the new business, has a huge amount of experience in the financial services industry. Prior to taking up his current role, he spent over twenty years working in derivatives and equities trading at Deutsche Bank.
Nestled between Switzerland and Austria, Liechtenstein has been an enthusiastic adopter of both blockchain technology and cryptocurrencies.
As with two other tiny jurisdictions in Europe, Malta and Gibraltar, Liechtenstein has put forward cryptocurrency regulations to attract firms to its lush, mountain-enshrouded towns.
The country’s central bank also announced plans to launch a security token in August of last year and, along with its new trading service, Bank Frick has been offering banking and advisory services to cryptocurrency companies for over a year.