LHV is Estonia’s largest bank and now offers cryptocurrency trading through its mobile app via Bitstamp. The bank says it is the “first bank in the Baltics to start offering crypto trading.”
Large Estonian Bank Now Offers Crypto Trading
LHV announced this week that it has become “the first bank in Estonia to offer its clients the opportunity to trade in crypto assets.”
LHV customers will be able to trade crypto assets via its mobile app starting Monday. Transactions take place on Bitstamp, a cryptocurrency exchange. Clients’ crypto assets are held on the Bitgo platform, which is part of the Toronto Stock Exchange-listed Galaxy Digital Group.
In 2015, the bank began to experiment with blockchain technology. Since then, “We have been waiting for the regulatory environment to evolve, for the market to become organized, and for professional market players to emerge,” the bank noted.
Madis Toomsalu, chairman of the management board of LHV Group, commented: “By today, crypto assets have become a large field in terms of both market value as well as turnovers based on decentralized financial services.” Toomsalu elaborated:
We will be the first bank in the Baltics to start offering crypto trading to our clients – as the first step, they will be able to buy and sell crypto assets on the LHV mobile app.
Martin Mets, LHV’s head of investment services in retail banking, said: “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.” LHV added: “This is clearly a very volatile and high-risk asset class, but for a risk-conscious client, crypto assets can play an important role in the portfolio.”
Customers will be able to buy and trade eight major cryptos at their market prices, including bitcoin (BTC), Eth (ETH), LTC), litecoin [LTC], uniswap (“UNI”), chainlink(LINK), star lumens ($XLM), polygon („MATIC”) and aave (“AAVE”)
We plan on adding new order types, instruments and other options in the near future to make trading more efficient.
How do you feel about LHV offering cryptocurrency trading? Comment below.
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