As large financial institutions fight cryptos, small banks are helping cryptocurrencies thrive in Europe. Many large banks around the world have opted to take a tough stance against the purchase of Bitcoin and other cryptocurrencies. This move has helped fuel FUD around the crypto community but a few small banks in Europe have opted to act in contrary to this and instead they are offering their investors access to cryptos without major hurdles with some also offering advice on ICOs.
The banks that are helping cryptocurrencies thrive in Europe include Falcon Bank and Vontobel, both swiss based. They are joined by Germany’s Fidor Bank and Liechtenstein’s Bank Frick in providing such services.
It’s interesting how currently the banking system is fractured. Due to their volatility, many major banks have opposed cryptocurrencies purchases and this is something that has been expected. Add the fact that they offer a direct threat to the existence of these institutions and you see why these large banks are not big fans of cryptos.
Speaking with the financial times, Edi Wögerer, chief executive of Bank Frick said;
“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.”
Commenting on why big banks fear cryptos he says;
“bigger banks fear cryptocurrencies because they don’t understand them, they feel threatened”.
The decision taken by large banks hasn’t been the best since to conveniently purchase Bitcoin and other cryptocurrencies, banks are needed. However, by choosing to stand out and take a different path, these small banks stand to win big. Their decision might lead to a split in the banking between those that allow the purchase of cryptocurrencies and those that don’t. For the few fearless and forward-thinking banks, allowing the purchase of cryptocurrencies will see their business peak in the coming years.
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