LHV is one of the largest banks in Estonia and now offers cryptocurrency trading directly from its app through the cryptocurrency exchange Bitstamp. The bank stated that it was “the first bank in the Baltic to begin providing crypto transactions.”

Big Estonian banks now offer crypto transactions

LHV announced this week that it has become “the first bank in Estonia to provide its customers with trading opportunities for crypto assets.”

Starting Monday, LHV customers can trade major crypto assets directly on its mobile app. Trading takes place on the cryptocurrency exchange Bitstamp. The client’s encrypted assets are stored on the Bitgo platform, which is part of the Galaxy Digital Group listed on the Toronto Stock Exchange.

The bank started experimenting with blockchain technology in 2015. Since then, “we have been waiting for the development of the regulatory environment, waiting for the market to become organized, waiting for the emergence of professional market participants,” the bank noted.

Madis Toomsalu, Chairman of the LHV Group Management Committee commented: “Today, based on decentralized financial services, crypto assets have become a big area in terms of market value and turnover.” Tumsalu elaborated:

We will be the first bank in the Baltic to start offering crypto transactions to our customers-as a first step, they will be able to buy and sell crypto assets on the LHV mobile app.

Martin Mets, Head of Investment Services for LHV Retail Banking, said: “Considering the maturity of the level of development of crypto assets and their rapid popularity as a new asset class, we are ready to add this asset class to the range of products offered to LHV bank customers. “LHV added: “This is obviously a very unstable and high-risk asset class, but for risk-conscious customers, crypto assets can play an important role in investment portfolios.”

Initially, customers can now buy and sell eight selected major cryptocurrencies at market prices: Bitcoin (Bitcoin), ether (Ethereum), Litecoin (LTC), uniswap (UNI), chainlink (LINK), Stellar Lumens (XLM), polygon (MATIC) and aave (AAVE).

Metropolis details:

In the near future, we plan to add new tools, order types and other solutions to achieve more convenient transactions.

What do you think of the cryptocurrency transactions provided by LHV Bank? Please let us know in the comments section below.

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