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.
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.