In the recent past, financial institutions have been finding it hard to ignore the topic on cryptocurrencies. Now, it’s not a question of ‘if’ but ‘when’ the financial institutions will start making positive strides towards cryptocurrencies. VPE, a German bank, is ready to offer cryptocurrency trading services for its institutional customers. The bank which majors in securities trading, becomes the first to offer such services in Germany.
Confirming the reports, VPE’s PR manager, Strenski Katharina, noted that;
“Cryptocurrencies such as Bitcoin, Litecoin, Ethereum and others have become a promising asset class in recent years. To date, trading digital tokens has been restricted to crypto exchanges and online market places. We are pleased to be the first German bank to offer our customers cryptocurrency trading services”
To avoid being on the wrong side of the law, the bank has put in place all the requirements by Germany’s financial watchdog. Part of the requirements, which VPE has already implemented, is the Know Your Customer (KYC) and the Anti-Money Laundering (AML).
Additionally, VPE bank has a license from Banfi, the financial regulator in Germany, which allows the bank to offer cryptocurrency trading services that are regulated and secure to its customers. The bank is using its strong track record in securities and wishes to offer the same expertise to institutional crypto investors.
According to Katharina, “Until now, institutional investors have faced high entry barriers to crypto trading. Our cryptocurrency trading services offer a much more convenient alternative,” VPE bank will offer automated crypto trading in conjunction with Solaris Bank.
In the recent past, financial institutions have started gravitating towards digital assests. Goldman Sachs even hired a crypto trader to help their clients who want to invest in cryptos. The rising popularity of digital assets is also contributing to the softening of the financial institution.
A recent survey by Reuters also noted that 56 leading financial institutions are planning to offer cryptocurrency trading services before the end of the year.
Do you foresee more financial joining the crypto market in one way or the other?
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