News and insights
We know how important it is to have reliable information, facts and background details as good decision-making tools. In our press releases, you can find the latest news about Bank Frick. We provide specialist knowledge about the financial market – both conventional and blockchain-based – in our in-depth blog posts. If you would like to hear exciting updates about the cryptocurrency market, then dive into our Crypto Industry Reports.
News and insights
US versus EU: Giants fighting for regulatory clarity
It is official now: The European Parliament voted overwhelmingly in favour of Markets in Crypto Assets (MiCA), legislation that will guide the crypto sector in all 27 European Union member states. 517 parliament members voted for it, while 38 voted against it. This approval makes Europe the first continent with comprehensive rules for cryptocurrencies. Also, it means that all EU member states will have unified crypto regulations. So, if a crypto business is approved in one EU member country, it could easily expand operations to another member state. The EU’s milestone was lauded by Binance as well as Kraken and Coinbase.
Annual Report Bank Frick 2022: Annual profit breaks through the 10 million mark for the first time
Bank Frick closes 2022 with a record profit of CHF 10.3 million, breaking through the 10 million mark for the first time and increasing its annual profit by 4.5% compared to the previous year. Its growth strategy, combined with high investment in staff and infrastructure, has proven to be successful.
Ethereum: Another milestone reached with the Shanghai Update
On April 12, 2023, Ethereum successfully executed the planned Shanghai update also known as Shapella. The upgrade allows validators to unstake their staked ETH and withdraw their rewards, as well as staked ether if chosen. Now that another level of uncertainty has waned for the biggest smart contract blockchain, this new feature could attract more investors to stake their ether.
Ethereum Shanghai Upgrade on April 12, 2023
Another significant update for Ethereum is now imminent, following last year's switch from proof-of-work to proof-of-stake consensus mechanism. Until now, validators have been continuously receiving rewards without being able to cash them out, but with the release of the Shanghai Update on April 12 at 10:27 PM UTC (epoch 194048), all rewards earned by validators will become liquid, just over 1 million Ether in total.
CFTC versus Binance:
Clash of the titans
The world’s leading crypto exchange by volume, Binance, alongside its CEO, Changpeng Zhao, and ex-Chief Compliance Officer, Samuel Lim, are being sued by the US Commodity Futures Trading Commission (CFTC).
Direct market access – efficient trade execution for fund strategies
Liechtenstein has a long-standing tradition in the fields of banking and asset management. Since joining the EEA in 1995, Liechtenstein’s financial centre has established itself as a professional point of reference for promoters of collective investment vehicles on the European financial market.
Free Webinar: Peek into the future - disruptive blockchain and use cases
On 20 April 2023, we invite you to the free webinar «Peek into the future - disruptive blockchain and use cases». The webinar will be held in English.
Stablecoin USDC briefly lost its
peg. What do we learn from this?
One of the top stablecoins by market cap, USD Coin (USDC), de-pegged briefly from the US dollar on March 11 following the collapse of Silicon Valley Bank (SVB). Circle, the stablecoin’s issuer, held $3.3 billion in USDC reserves with the bank, which caused panic as investors rushed to withdraw their funds, assuming USDC could implode because of insufficient backing. However, the amount represented less than 8% of the stablecoin’s reserves.
Statement on Silvergate Bank
Silvergate Bank, one of our correspondent banks for USD, is, according to its own statements, facing insolvency and is planning its liquidation. We would like to point out that our clients' assets are safe at all times.
Ethereum Shanghai upgrade pushed to April: Will there be too much selling pressure?
Ethereum stakers have been eagerly awaiting the Shanghai upgrade, which will enable them to withdraw their staked ether. Stakers’ funds have been locked since Ethereum introduced the proof-of-stake Beacon Chain in December 2020. The upgrade was originally slated to take place sometime in March but was pushed by about two weeks to April during a recent execution layer meeting.
Are regulators trying to make up for it by cracking down?
Following the infamous events of 2022, US regulators are turning up the heat on crypto services and products in 2023. One of the services they have targeted recently is custodial crypto staking, a process whereby customers have a financial service provider lock up their coins with a blockchain protocol over a certain period of time in exchange for rewards. This comes as no surprise since the SEC’s chairman, Gary Gensler, previously said that crypto staking looks very similar to lending. US crypto exchanges that offer this service are, therefore, in the SEC’s line of fire.
Warning of scam company: Fraudulent letters with Bank Frick logo in circulation
We would like to point out that there is no connection between the e-mail address "finance@fricksupport[dot]info" and Bank Frick. The operators of the e-mail address "finance@fricksupport[dot]info" are making unlawful use of the name and logo of Bank Frick.