BLOCKCHAIN STRATEGY
Net1 to increase Bank Frick stake
Net1 said on Thursday that it would acquire another 5% of Liechtenstein’s Bank Frick, which has cryptocurrency and blockchain interests. Net1 will increase its stake in Bank Frick to 35% and the company has an option to acquire another 35% later in 2018. In 2017, Bank Frick started offering a cryptocurrency certificate that allows professional investors to add cryptocurrencies to their portfolios. Bank Frick, an independent family-run bank, also assists global companies with initial coin offerings. Net1 said it bought the 5% stake from the Kuno Frick Family Foundation at a premium. "This premium will be reinvested in the bank in order to establish and accelerate the expansion of a dedicated team focused on the development and various applications of blockchain technology," Net1 said. Net1 CEO Herman Kotze said that Bank Frick was "progressive", having developed business models and products in the areas of payments, cryptocurrency trading and blockchain applications. "With blockchain...
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