How does a bank stay at the forefront of financial innovation for a full decade? In this episode, Raphael Haldner reflects on Bank Frick’s 10-year journey in digital asset banking—from launching Europe’s first crypto-backed note in 2017 to building today’s regulated tokenized infrastructure. His vision is clear: blockchain will become as invisible and essential as SWIFT, simply part of the financial system running in the background.

The conversation explores how institutional client demands have fundamentally shifted over the past decade. Clients no longer ask only for custody or trading access; they now demand integrated banking infrastructure where fiat and stablecoin accounts coexist seamlessly. Money market funds tokenized on-chain—pioneered by Franklin Templeton and BlackRock—represent a treasury revolution, delivering real-time yield instead of traditional T+1 or T+2 settlement cycles. The conversation also reveals why early tokenization experiments failed: they lacked regulated secondary markets, standardized stablecoins, and institutional market makers. Now that these pieces are in place, the market is accelerating.

Raphael Haldner shares Bank Frick’s approach to balancing compliance and innovation. The bank uses a rigorous gated product development process, ensuring every new offering withstands regulatory scrutiny while maintaining forward momentum. He discusses how DeFi and TradFi are converging in permissioned blockchain environments, decentralized infrastructure with institutional governance and identified users. Finally, he explains why Liechtenstein’s membership in the European Economic Area makes it an ideal hub: the bank gains European market access through its EWR passport while maintaining close ties to Swiss financial innovation. The result is a unique position serving institutional clients across the entire European ecosystem.

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Starting September 15, 2026, BX Digital will operate under the new name SeturionX. The name change applies exclusively to our brand name — our products and services will remain unchanged.