LHV, one of Estonia’s largest banks, is now offering cryptocurrency trading directly from its app via the crypto exchange Bitstamp. According to the bank, it is the “first bank in the Baltics to begin offering crypto trading.”
A major Estonian bank is now offering cryptocurrency trading.
This week, LHV announced that it has become “the first bank in Estonia to offer its clients the ability to trade in crypto assets.”
Beginning Monday, LHV customers will be able to trade major crypto assets directly through its mobile app. Bitstamp, a cryptocurrency exchange, is used for transactions. Clients’ crypto assets are held on the Bitgo platform, which is part of the Galaxy Digital Group, which is traded on the Toronto Stock Exchange.
In 2015, the bank began experimenting with blockchain technology. Since then, the bank has been “waiting for the regulatory environment to evolve, the market to become organized, and professional market players to emerge.”
“By today, crypto assets have become a large field in terms of both market value and turnovers based on decentralized financial services,” said Madis Toomsalu, chairman of the management board of LHV Group. Toomsalu expanded:
We will be the first bank in the Baltics to offer crypto trading to our clients, with the first step being the ability to buy and sell crypto assets via the LHV mobile app.
“Considering the increasingly mature level of development of crypto assets and their rapidly growing popularity as a new asset class, we are ready to add this asset class to the range of products offered to LHV bank clients,” said Martin Mets, LHV’s head of investment services in retail banking. “This is clearly a very volatile and high-risk asset class,” LHV added, “but for a risk-averse client, crypto assets can play an important role in the portfolio.”
Customers can now buy and sell eight major cryptocurrencies at market prices for the time being: bitcoin (BTC), ether (ETH), litecoin (LTC), uniswap (UNI), chainlink (LINK), stellar lumens (XLM), polygon (MATIC), and aave (AAVE).
Mets in detail:
We intend to add new instruments, order types, and other solutions for more convenient trading in the near future.