Small banks are helping cryptocurrencies thrive in Europe

[oaktree]

https://crypto-lines.com/2018/02/12/helping-cryptocurrencies-thrive-in-europe/?utm_source=pushengage&utm_medium=push_notification&utm_campaign=pushengage

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.”

I believe Kraken uses Fidor bank which has also opened a branch in the UK. Here is some more info about Fidor in the UK:

https://www.moneysavingexpert.com/news/banking/2015/09/challenger-bank-fidor-launches-in-the-uk-today-but-how-good-is-it

We should support these banks by opening accounts in them (which will also mean that it's unlikely that your account will get closed due to receiving money from an exchange).

Does anyone know of other crypto-friendly banks around the world?

[buytheeffinD]

That is awesome yes I know of a concept that is beginning to happen in Canada with a small bank too. They are called VesaBank and they will store your crypto in a vault apparently. The news doesn't always have to be bad! https://www.bloomberg.com/news/articles/2018-02-06/a-tiny-canadian-bank-is-building-a-vault-for-crytpocurrencies

[Rahman11]

https://crypto-lines.com/2018/02/12/helping-cryptocurrencies-thrive-in-europe/?utm_source=pushengage&utm_medium=push_notification&utm_campaign=pushengage

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.”

I believe Kraken uses Fidor bank which has also opened a branch in the UK. Here is some more info about Fidor in the UK:

https://www.moneysavingexpert.com/news/banking/2015/09/challenger-bank-fidor-launches-in-the-uk-today-but-how-good-is-it

We should support these banks by opening accounts in them (which will also mean that it's unlikely that your account will get closed due to receiving money from an exchange).

Does anyone know of other crypto-friendly banks around the world?

It's a great advantages for cryptocurrencies future, I think day by day not only europe or canada increase worldwide acceptance cryptocurrencies and will open it's door for banking deal like fiat currency! we are can just waiting for this kind of futures.

[Jeepney_koh]

https://crypto-lines.com/2018/02/12/helping-cryptocurrencies-thrive-in-europe/?utm_source=pushengage&utm_medium=push_notification&utm_campaign=pushengage

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.”

I believe Kraken uses Fidor bank which has also opened a branch in the UK. Here is some more info about Fidor in the UK:

https://www.moneysavingexpert.com/news/banking/2015/09/challenger-bank-fidor-launches-in-the-uk-today-but-how-good-is-it

We should support these banks by opening accounts in them (which will also mean that it's unlikely that your account will get closed due to receiving money from an exchange).

Does anyone know of other crypto-friendly banks around the world?

Good news are coming our way. This is a good start for cryptocurrency. Slowly, banks are supportiing and adopting to the changes and trends happening in our community. Banks are now starting to realize how important cryptocurrencies to people. Most of the people prefer bitcoin as their options for investment, so if banks wont catch up, they will miss the train.

[Quaglia]

The idea of small banks being more in favour of cryptocurrencies than larger banks is at the same time fashinating and promising. It gives the hope that there are not only big almighty giants which decide for everything in this area.

[alyssa85]

I believe Kraken uses Fidor bank which has also opened a branch in the UK. Here is some more info about Fidor in the UK:

https://www.moneysavingexpert.com/news/banking/2015/09/challenger-bank-fidor-launches-in-the-uk-today-but-how-good-is-it

That's a really interesting link. Looks like Brits can get a basic online current account with Fidor without a credit check because there is no overdraft facility.

It would be pretty much perfect for cryptoenthusiasts to withdraw money from exchanges to that account without having to risk your main accounts. After that you can simply withdraw the cash via an ATM or transfer the money to another account.

[joniboini]

This is a good news for Europe.
But I don't quite understand why they do it, they see big opportunities in what exactly? It is quite unclear at least for me.

In Indonesia there is no bank that officially supported buying or selling cryptos, we used a third party (exchanger, to be exact) to buy and sell crypto. After that, we exchange it with fiat currency and then transfer the money to our own bank account. Because there is no strict regulation on cryptos (Indonesia's government are "learning" about blockchain tech they said, at the same time there is a plan to launch Rupiah crypto with a flat value just like Indonesian fiat currency), this practice is still on going till today.

[alyssa85]

This is a good news for Europe.
But I don't quite understand why they do it, they see big opportunities in what exactly? It is quite unclear at least for me.

In Indonesia there is no bank that officially supported buying or selling cryptos, we used a third party (exchanger, to be exact) to buy and sell crypto. After that, we exchange it with fiat currency and then transfer the money to our own bank account. Because there is no strict regulation on cryptos (Indonesia's government are "learning" about blockchain tech they said, at the same time there is a plan to launch Rupiah crypto with a flat value just like Indonesian fiat currency), this practice is still on going till today.

Opportunities to attract new customers.

It's the same reason Overstock enabled bitcoin back in 2014 - they were losing their competition with Amazon.com, and used bitcoin to gain publicity and get new customers. It worked, loads of bitcoiners who hadn't even heard of Overstock signed up and bought stuff from them.

[bitart]

This is a good news for Europe.
But I don't quite understand why they do it, they see big opportunities in what exactly? It is quite unclear at least for me.

In Indonesia there is no bank that officially supported buying or selling cryptos, we used a third party (exchanger, to be exact) to buy and sell crypto. After that, we exchange it with fiat currency and then transfer the money to our own bank account. Because there is no strict regulation on cryptos (Indonesia's government are "learning" about blockchain tech they said, at the same time there is a plan to launch Rupiah crypto with a flat value just like Indonesian fiat currency), this practice is still on going till today.

Opportunities to attract new customers.

It's the same reason Overstock enabled bitcoin back in 2014 - they were losing their competition with Amazon.com, and used bitcoin to gain publicity and get new customers. It worked, loads of bitcoiners who hadn't even heard of Overstock signed up and bought stuff from them.

Banks are working on a very competitive market. They're 'only' dealing with money, they're not producing anything that can be labelled differently etc., they just doing nearly the same service to customers to let them use their money.
If you think about how you choose a bank, what's your first thought? The logo, the color of the bank, the stories you've heared from other people about that bank? Do you think about any 'product' of the bank? Not really, because you can open a bank account at every bank, and every bank charges you a fee if you use their services. No difference. Only the marketing and the trust that can make difference...
If you're an old and big bank like Barclays, you have the trust, you are not forced to overuse marketing. If you are a smaller bank and want to grow bigger, you have to make yourself different. If the basic services are the same at every bank, what can you do to catch the attention of the customers? Doing something special, to make them think about you (the small but special bank)  at first thought if they hear the word e.g. bitcoin in this case of Fidor.
Do you know a bank that's friendly with bitcoin? Now you know, and that little bank has made itself different, which can help them to acquire a lot of new customers who are interested in bitcoin. (And that can help them making more profit, and the possibility to grow).

[farhaan]

https://crypto-lines.com/2018/02/12/helping-cryptocurrencies-thrive-in-europe/?utm_source=pushengage&utm_medium=push_notification&utm_campaign=pushengage

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.”

I believe Kraken uses Fidor bank which has also opened a branch in the UK. Here is some more info about Fidor in the UK:

https://www.moneysavingexpert.com/news/banking/2015/09/challenger-bank-fidor-launches-in-the-uk-today-but-how-good-is-it

We should support these banks by opening accounts in them (which will also mean that it's unlikely that your account will get closed due to receiving money from an exchange).

Does anyone know of other crypto-friendly banks around the world?

Yes smaller banks are acting totally opposite to bigger banks and they just see cryptos as an opportunity to compete with bigger banks.Falcon bank and some other european banks have started to provide various services related to crypto currencies.