Bank in Estonia, LHV, Allows its Customers to Buy Bitcoin
No doubt, cryptocurrency has been gaining more significance in financial markets. As a result, new coins and tokens are constantly being developed and joining the ranks of others in the crypto ecosystem. Indeed, it feels like the entire is rushing to the crypto space — almost.
As a result, many large firms and multiple online stores are looking to adopt these coins as an exchange of value.
However, while most people are fascinated by the potential of cryptocurrency coins and trading, a few experts are skeptical about the decentralized nature of its operations. In fact, many banks and financial institutions have been at the forefront of the war against cryptocurrencies. These centralized financial institutions even go as far as advising customers against the adoption of these volatile tokens.
Some have even declared their lack of support for cryptocurrency trading stating the decentralized nature of the crypto ecosystem as a sign of unreliability — but not LHV, the largest bank in Estonia.
Estonia’s largest bank, LHV, has taken a much different stance and is set to become the first bank to support crypto trading on its mobile banking platform app. Clearly, some financial institutions are interested in harnessing the benefits of cryptocurrency.
Estonia’s Largest Bank Has Embraced Bitcoin Trading On Its Bank App
LHV is the largest financial service provider in Estonia. With multiple subsidiaries such as LHV Varahaldus, LHV Pank, and LHV Kindlustus, this financial institution is at the forefront of Estonian banking. So, you can be sure their advisors know their stuff.
It’s no wonder this bank is set to commit its substantial financial resources to offer bitcoin trading on its bank app!
According to an official publication by LHV, they are set to introduce an update to their system to let customers trade crypto assets. Customers will be allowed to exchange, buy and sell crypto assets directly on its bank app. All of the crypto transactions run on the app will be processed on BitStamp.
Being one the largest crypto exchanges in the world, BitStamp offers LHV a long list of tokens to add to its app in the future. Customers’ crypto assets will be sent directly to BitGo to be accessed instantly and traded.
However, there is currently no confirmation as to whether the bank will be directly involved in the trading of these assets or not.
In the first phase of this new development, the app will support the trading of popular crypto-assets such as Bitcoin (BTC), Ether (ETH), ChainLink (LINK), Polygon (MATIC), Litecoin (LTC), Aave (AAVE), Uniswap (UNI) and Stellar Lumens (XLM).
All of these cryptocurrency coins can be traded in USD pairs. The app will also display the value of your cryptocurrency assets alongside other investment packages that can be purchased with the bank. Customers who intend to declare the value of their crypto assets can request pre-filled tax forms.
It’s pretty clear that LHV is looking to take its crypto involvement forward.
So, it’s not a far leap to expect them to add more instruments, such as order types and other innovative solutions that will improve the overall trading experience. However, the bank has a long-term goal it hopes to achieve by developing blockchain solutions.
Interestingly, this isn’t LHVs first foray into the crypto space
In 2015, the financial institution experimented with LHV cuber solution, which closely resembles a stablecoin.
However, in recent times, LHV has limited its involvement with these new digital assets. Instead, they are patiently waiting for more regulatory approvals on the use of cryptocurrencies.
Crypto assets present investors and traders with a new world of possibilities. Therefore, it’s no wonder some financial institutions (including LHV) have recognized the benefits of blockchain-based solutions. Furthermore, the full extent of blockchain capacity has attracted many major players to try and leverage the perks in the crypto space.
LHV’s Plan to Make Upgrades to their Crypto Trading App
LHV’s foray into the crypto space has not gone unnoticed. Some experts even believe its announcement to allow crypto trading on its app resulted in a surge in the price of Bitcoin at the time.
However, the large financial service provider is far from finished, and its customers can look forward to more upgrades in the future.
Currently, the LHV group caters to the financial needs of about 400,000 clients. So imagine its numbers when its crypto trading upgrades on its bank app take off!
However, there are certain restrictions to LHV’s operations due to the establishment being a financial one. However, they remain committed to ensuring their crypto clients are satisfied. New upgrades are on the way.
Soon, customers will be able to choose between other types of cryptocurrencies and access more instruments to aid investors’ trading decisions. Although there have been no announcements on the specific upgrades on the bank app, crypto enthusiasts will enjoy the wait.
The Estonian Mega Bank is also Holding a Webinar as Part of the Crypto Service Launch
The crypto interest in Estonia is waxing strong, and the entire world watches patiently. Therefore, as part of the launch of crypto trading on the LHV bank app, LHV will hold a webinar that will address some of the popular questions and inquiries people have about their app’s latest upgrade.
This event will be hosted on the LHV YouTube channel or the LHV Finantsportaal Facebook page and will offer more information on the use of this new crypto trading feature will be explained at the webinar.
Notable speakers at the proposed webinar include Märten Kress, a prominent investor, Sten Tamkivi and Edgar Aronov, who are both blockchain leaders, Peeter Luikmel, the Head of Monetary Policy and Foreign Economics Division at Eesti Pank, and numerous other experts who will represent LHV.