Europe’s Smaller Banks Welcome Cryptocurrency Users

JP Buntinx | February 12, 2018 | 9:30 am

Europe’s Smaller Banks Welcome Cryptocurrency Users

JP Buntinx | February 12, 2018 | 9:30 am

Most banks seemingly have no love lost for cryptocurrencies these days. With dozens of financial institutions opposing Bitcoin purchases, it is evident things are not looking good. In Europe, however, the situation is a bit different. Smaller banks are looking forward to giving investors access to cryptocurrencies without any major hurdles. Some even offer professional advice on initial coin offerings as well.

It is uncanny how fractured the banking sector really is in this day and age. Major banks firmly oppose Bitcoin and similar currencies for the most part. That is only to be expected, as the volatile nature of digital currencies is a major concern. Their smaller counterparts are not as narrow-minded, by the look of things. Even though regulators do not approve the concept of ICOs or Bitcoin, small banks tend to keep an open mind in this regard.

Cryptocurrency Will Thrive Thanks to Smaller Banks

Two banks which stand out in this regard are Falcon Bank and Vontobel. Both institutions are Swiss private banks, which allows them to buck the current anti-cryptocurrency trend. These two companies handle cryptocurrency-related investments on behalf of their clients as we speak. There’s also Fidor Bank in Germany and Liechtenstein’s Bank Frick which all provide similar services. For now, this positive momentum is limited to smaller banks, though.

Bank Frick’s Edi Wogerer explains the decision as follows:

“There are risks involved but there are also really big opportunities.We know what to do from a security perspective so this is a big opportunity for banks like us. Bigger banks were “scared” of cryptocurrencies because they don’t understand them, they feel threatened”.

It is a remarkable statement, but one that does ring true in a lot of cases. Cryptocurrencies are direct competition for banks,. Unfortunately, we need banks’ support to purchase cryptocurrency in a convenient manner. It is evident this uneasy situation may effectively split the banking sector into two camps. Those who allow customers to purchase Bitcoin and altcoins may see business pick up in the years to come. Smaller banks have a big role to play when it comes to cryptocurrency, that much is rather evident.

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  • ApolloXII

    Major banks & Central Banks are gonna put pressure on their respective Finance Ministers to stop non regulated cryptocurrencies on their next G20 summit.

    Banks blame cryptocurrencies for being a risky investment: is it safer to invest on USD based investments?I mentioned the USD but I could take any major Forex currency as an example.

    It was in the 70´s when President Nixon “commanded” that the USD would not be backed up by Gold reserves anymore.All Central Banks followed.

    Nowadays, all major FIAT currencies have an artificial value, except one: the RMB (Yuan): the RMB is backed up by Gold because the Chinese predict the end of USD World dominance.
    With no exceptions, all big empires did fall down.

    Worldwide, USD trading represents 60% of transactions as all Commodities , ships, airplanes, most of Forex exchanges…are negotiated in $.

    But China, Russia, Turkey, Iran…are starting to sell/buy the above described items NOT in $.What is gonna happen to the $ when those countries sell their USD reserves????

    Only time will prove that cryptocurrencies´s value will depend only on public OFFER/DEMAND and not on the G7/G20 decisions.

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