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
Crypto poster child FTX goes bankrupt
Last week, the digital asset space got shaken to its core, when the world’s second biggest crypto exchange FTX collapsed overnight. After all, this collapse marks the largest meltdown in the crypto world. The exchange, which bailed out several companies in the wake of the Terra Luna and 3AC collapse earlier this year, has fallen apart so fast and hard, that experts expect the ripple effects to continue in the coming months.
So, what exactly happened?
Blockchain: A technology with social impact
Foundational technology is the most effective tool for impacting society at large and solving the challenges it is faced with. One such foundational institutional technology is the blockchain, which entered the picture through the discovery of Bitcoin in 2009 and has since proliferated and emerged in many different forms.
What does blockchain’s social impact look like?
FTX trading platform: All assets at Bank Frick are secure
Die Krypto-Assets unserer Kundinnen und Kunden verwahrt Bank Frick in sogenannten Cold-Storage-Wallets. Diese sind physisch vom Internet getrennt. Wallets und Sicherheitskopien werden georedundant sicher aufbewahrt.
Is Elon Musk owning Twitter bullish for crypto?
Elon Musk’s actions have once again had repercussions for the wider crypto space. This time, Dogecoin rose by more than 70% in 24 hours, driven by the news that Musk had closed a $44 billion deal to take over Twitter. All in all, Musk’s favourite meme currency experienced a 150% surge from October 25-29.
Another day, another few hacks. That’s the current state of crypto
Crypto projects are getting hacked almost every other week and losing millions of dollars. Sadly, users are bearing the brunt of these attacks. On October 12, Solana-based DeFi platform Mango Markets confirmed that the protocol had been attacked by a hacker, who stole funds through an oracle price manipulation. Mango’s price plummeted by more than 40% as a result.
Screening crypto projects: The regulators are on it
Regulators have had a tough time keeping up with the rapidly growing crypto space that is dominated by a wide range of financial products. Nonetheless, recent developments show that they may be gaining ground signalling that crypto companies need to evaluate their compliance status now more than ever.
The Merge has happened. What are the takeaways?
The long-awaited Ethereum Merge finally shipped on September 15, 2022, fully turning Ethereum into a Proof-of-Stake (PoS) blockchain. It commenced at 6:43 a.m. UTC and attracted a live audience of over 41,000 people on YouTube that watched as the significant event unfolded. The mainnet and PoS Beacon Chain merged successfully without a hitch, but it was not a small task. “The metaphor that I use is this idea of switching out an engine from a running car,” Justin Drake, a researcher at the Ethereum Foundation, said describing the Ethereum Upgrade.
Cardano Vasil hard fork – customers do not have to take action
A hard fork will be performed on Cardano’s blockchain on 22 September 2022. Bank Frick clients do not need to take any action – their assets are safe at all times. Trading Cardano via Bank Frick will be possible without restrictions.
Ethereum is changing its consensus mechanism from Proof-of-Work (PoW) to Proof-of-Stake (PoS): Clients do not have to take action
In mid-September, Ethereum Mainnet will be merged with Beacon Chain. “The merge” marks Ethereum’s final transition from a Proof-of-Work (PoW) system to a Proof-of-Stake (PoS) system.
Half-year result: Continuous growth by Bank Frick – despite uncertainties about the global economy
In the first half of 2022, Bank Frick generated a net profit of CHF 5.1 million, with all strategic business segments contributing to this positive result. Despite the currently prevailing uncertainty stemming from the unstable economic situation, Bank Frick succeeded in increasing its profit compared with the first half of 2021. For 2022, the Bank therefore expects an annual profit in the order of CHF 8 million.
Blockchain - about more than cryptocurrencies
Whether in cybersecurity, supply chain management, new asset classes or insurance solutions, blockchain technology is increasingly being used in areas of the real economy. The boundaries between the classic banking world and blockchain banking are becoming more fluid.
Crypto contagion goes on – for how long?
The crypto markets have been in restructuring mode for the past few weeks. As time goes on, the market is trying to figure out, who has been owing money to whom. On the borrowing side, Singapore-based crypto hedge fund Three Arrows Capital (3AC) seems to have many open credit relations – too many. The company has already filed for bankruptcy.