Liechtenstein's Bank Frick is launching a spin-off for fintech and blockchain start-ups. The firm hopes to reap a gain by spotting promising technologies before they are widely available.
Liechtenstein-based Bank Frick is launching a subsidiary devoted to promoting and financing blockchain and fintech start-ups, the bank said on Wednesday. The spin-off, Distributed Ventures, will be led by Marco Schmitz, who is currently the head of blockchain compliance at Frick.
«Every day, we see new business ideas, projects and fintechs with enormous potential», Schmitz said. «We want to help the founders and support them in a manner that allows both sides to benefit from one another».
Frick, based in a rural backwater, is a little-known bank which has helped Liechtenstein become a European blockchain hub. The bank didn't disclose how much funding it is pumping into the spin-off. The plan is for fintechs to pitch for seed funding and support to gather other financing, with a view to eventually bringing their products and services to a wider market.
