Bank offering Crypto Services!!

[worle1bm]

Few years back when banks and government envy Bitcoin and other cryptocurrencies have we ever thought they would also indulge themselves in the same business?They have realised the potential of Bitcoin and moreover they want profits and it can be matched if they fulfill customer satisfaction.The crypto demand is increasing day by day which why they are providing the crypto services now.

Cryptocurrency adoption among the traditional banking industry is spreading rapidly and a Germany based bank Donner & Reuschel is set to make its inception into the crypto business by offering related custody services.

Markus Vitt spokesperson of bank issued the statement

We have been observing the digital assets market for quite some time and are convinced of the potential of blockchain technology also concerning classic securities transactions.

Bank provide crypto services

This is just a kickstart to whole new monetary system which will shift to decentralise finance of payments even through centralized authority of chains.

[1715226729]

1715226729

[LeGaulois]

The reality is a bit different.

The bank you mention is not the only one in Germany, there is another one that acted even before. The regulation to allow them was prepared for many months, perhaps a year.
And the truth is that they don't store and hold any bitcoin. They just make use of a 3rd party. In another word the customers will be using 2 middlemen to do something, they could easily do on their own and for cheaper.

They didn't "realized the potential of Bitcoin", They realized the money they could make
The banks aren't really interested in Bitcoin, nor its technology. All that matters is profits. Once there is no more they will remove that option as well.

[The Cryptovator]

I am quite confused about what they mean by custodial service. I have read the article you provided. I realized they are offering to buy crypto through their banks. And of course, it would easier to buy sell. But most likely users have to spend a few extra money when they will deal with the crypto. If custodial service means keep bitcoin deposits like fiat, then most likely true Bitcoin users will not engage with those who understand the decentralized system. However, still, I will consider that is a positive move for a bank, although this isn't huge adoption, something is better than nothing.

[Yogee]

.....However, still, I will consider that is a positive move for a bank, although this isn't huge adoption, something is better than nothing.

Bitcoin will look more legitimate or legal asset in the eyes of customers who never bought BTC before when they see their own bank offering it.

They probably wouldn't mind spending more on transaction or processing fees since they prefer convenience. They want other people do stuffs for them.

[acquafredda]

The reality is a bit different.
They didn't "realized the potential of Bitcoin", They realized the money they could make
The banks aren't really interested in Bitcoin, nor its technology. All that matters is profits. Once there is no more they will remove that option as well.

I could not have put that better than you did there! We should not fool ourselves thinking that the banking system is becoming bitcoin-friendly, the reality as you pointed out is completely different. Where there is money to be made the vultures and the hyenas arrive.
Like I mentioned somewhere else, I hope that with a fast taproot activation we can regain some new freedom corners in the bitcoin evolution.

[aoluain]

.....However, still, I will consider that is a positive move for a bank, although this isn't huge adoption, something is better than nothing.

Bitcoin will look more legitimate or legal asset in the eyes of customers who never bought BTC before when they see their own bank offering it.

They probably wouldn't mind spending more on transaction or processing fees since they prefer convenience. They want other people do stuffs for them.

I agree Yogee, they cannot unshackle themselves from traditional banks, its like they cannot
see the alternative and probably know little about Bitcoin and how/ why it was invented.

Its true too that once regulation is introduced they see that as confirmation that they are
allowed to get involved. Generally speaking of course.

[rabs]

I think it will great,A common people will get benefit from it.It will increase the demand of crypto and population will get in it.As we know crypto future is safe and today or tommorow banks will need to involve in services of crypto for survival so it is better to start now and get attention of users in early age of crypto.

[DarkDays]

They didn't "realized the potential of Bitcoin", They realized the money they could make
The banks aren't really interested in Bitcoin, nor its technology.

As painful as it may sound (I realise this may apply only to some of us), unfortunately, you're right. Banks won't really do something for the good that it can bring to people, but only get involved when they can profit.

This is exactly what this German bank has done, and I'm afraid many more will start doing the same. They will use the 'BTC' buzz word and 'crypto' to attract the common people and get them involved in their tricky game. It is out of the ignorance of these people that institutional banks profit from.

[Lizzie_Girl]

They didn't "realized the potential of Bitcoin", They realized the money they could make
The banks aren't really interested in Bitcoin, nor its technology.

As painful as it may sound (I realise this may apply only to some of us), unfortunately, you're right. Banks won't really do something for the good that it can bring to people, but only get involved when they can profit.

This is exactly what this German bank has done, and I'm afraid many more will start doing the same. They will use the 'BTC' buzz word and 'crypto' to attract the common people and get them involved in their tricky game. It is out of the ignorance of these people that institutional banks profit from.

Banks are interested in the potential of abusing bitcoin and earning more fiat to build up their filthy cocaine-infested fiat notes run world. Just trending, they just want to get people to invest in them and are using crypto as a "front" to attract people since its "the cool thing to do" "The bank trusts it so it must be legit (said every moron ever and there are many morons out there)" This is terrible news and totally against crypto. I can't understand why anyone would use their services, though I am interested in finding more I can't seem to find any sturdy news about it.

[yazher]

Banks are interested in the potential of abusing bitcoin and earning more fiat to build up their filthy cocaine-infested fiat notes run world. Just trending, they just want to get people to invest in them and are using crypto as a "front" to attract people since its "the cool thing to do" "The bank trusts it so it must be legit (said every moron ever and there are many morons out there)" This is terrible news and totally against crypto. I can't understand why anyone would use their services, though I am interested in finding more I can't seem to find any sturdy news about it.

Yeah! seriously is does not work this way, all they've done is used the name crypto or Bitcoin to lure some people into their platform or whatsoever. This is why people should need to learn the difference between these two before jumping to any of the investment that those banks offers. Nevertheless, the idea behind this kind of game has been working for a long time now, and people;e really need to consider checking every little bit of information they gathered to see if it's the real deal or not. If they don't they will follow what these people say their bank is the way to invest in cryptocurrencies.

[peter0425]

Few years back when banks and government envy Bitcoin and other cryptocurrencies have we ever thought they would also indulge themselves in the same business?They have realised the potential of Bitcoin and moreover they want profits and it can be matched if they fulfill customer satisfaction.The crypto demand is increasing day by day which why they are providing the crypto services now.

Cryptocurrency adoption among the traditional banking industry is spreading rapidly and a Germany based bank Donner & Reuschel is set to make its inception into the crypto business by offering related custody services.

Markus Vitt spokesperson of bank issued the statement

We have been observing the digital assets market for quite some time and are convinced of the potential of blockchain technology also concerning classic securities transactions.

Bank provide crypto services

This is just a kickstart to whole new monetary system which will shift to decentralise finance of payments even through centralized authority of chains.

They are now waking up from their delusions , and now finding how they are missing profits since then.
at least We can prove now that they are afraid of losing everything if they now go witht he flow.
Bitcoin and crypto is the future and they must admit that .

[Savagecodes]

Does not seem to be case in my country. All I can hear is, crypto is illegal entity and you can not transact the crypto to fiat in your bank accounts. I mean still we do the crypto's based on p2p transactions. Thank to the LocalBitcoin who has made it possible for us to stay in the crypto even after there is big ban on the same.

Throughout the the globe there does not seem to be any bank who has open end stated the legal use of crypto. It's just somewhat "considered" as regular entity and nobody says anything about it. Banks benefit from it because they get the money for their use and users stay happy about it.

[Kittygalore]

Does not seem to be case in my country. All I can hear is, crypto is illegal entity and you can not transact the crypto to fiat in your bank accounts. I mean still we do the crypto's based on p2p transactions. Thank to the LocalBitcoin who has made it possible for us to stay in the crypto even after there is big ban on the same.

Throughout the the globe there does not seem to be any bank who has open end stated the legal use of crypto. It's just somewhat "considered" as regular entity and nobody says anything about it. Banks benefit from it because they get the money for their use and users stay happy about it.

You must have a really corrupt government because the only way that something that can benefit the people not favorable for the government is when they are actively suppressing the rights of people and their voices, I hope that the political climate in your country change someday because cryptocurrency is a revolutionary fintech tool and not acknowledging it is the worst thing that someone can do. This is actually a good thing that banks are offering crypto related services because it means that they are willing to cooperate with cryptocurrency and live with them side by side.

[lifeforcepools]

I don't trust banks. In addition, in my opinion, banks and crypto should not be connected.

[rosebrand]

It very obvious that many people, firms and companies have gotten to know the importance and benefits of blockchain and crypto and would love to work with it, but in the case of banks which has really been against crypto and sees it as a threat I think there don't really like the services of crypto but rather there enjoy the fact that there stand the chance to benefit alot using blockchain and crypto services, banks enjoys making profits.

[avikz]

It had to happen! Just as Gandhi said,

First they ignore you, then they laugh at you, then they fight you, then you win.

Initially banks tried to fight against crypto. They tried to spread misinformation about cryptocurrency. Big brains behind banking business tried to speak negatively about cryptocurrency. But looking at what crypto is standing today - it's a clear win!

Probably this is just few initial banks started such services. But in next 10 years, there will be a crypto desk in evey bank just as we have for securities market today!

[mbe48]

It seems like Banks and Crypto will not work together, because Banks are a system that is regulated by the government. Moreover, in my opinion, if the bank statement uses the Blockchain system in terms of security, maybe I can accept it ..

[aoluain]

It had to happen! Just as Gandhi said,

First they ignore you, then they laugh at you, then they fight you, then you win.

Initially banks tried to fight against crypto. They tried to spread misinformation about cryptocurrency. Big brains behind banking business tried to speak negatively about cryptocurrency. But looking at what crypto is standing today - it's a clear win!

Probably this is just few initial banks started such services. But in next 10 years, there will be a crypto desk in evey bank just as we have for securities market today!

Its amazing what can happen in 12 months regarding Bitcoin. If it wasnt
for COVID-19 and the reaction of central banks I doubt we would be talking
about Banks and Institutional Investors as much.

Its true that in 10 years the banking attitude to Bitcoin will be very different
as the fallout of the economic response to the pandemic will still be felt I suspect.

[Argoo]

Banks can only be interested in cryptocurrency to the extent that they can earn from using it. In fact, they will never be interested in using a decentralized cryptocurrency. Now they just see an opportunity to make money and this is the only thing that attracts them to cryptocurrency. At the same time, they will try to be intermediaries, where the risks are practically minimal. They are unlikely to invest directly in cryptocurrency. Such risks are not for the banking system.