LHV, a major Estonian bank, has begun to provide cryptocurrency trading.

LHV, one of Estonia’s major banks, is now allowing cryptocurrency trading straight from its app via the crypto exchange Bitstamp. According to the bank, it is the “first bank in the Baltics to start offering crypto trading.”

This week, LHV stated that it has become “the first bank in Estonia to provide its clients the opportunity to trade in crypto assets.”

Beginning Monday, LHV users will be able to trade key crypto assets directly through its mobile app. Bitstamp, a bitcoin exchange, is used for transactions. Clients’ crypto assets are kept 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 or 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 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.

Considering the more mature degree of development of crypto assets and their quickly developing appeal as a new asset class, we are ready to introduce this asset class to the variety 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 continued, “but for a risk-conscious client, crypto assets can play an important role in the portfolio.”

Customers may currently purchase and sell eight main cryptocurrencies at market rates for the time being: bitcoin (BTC), ether (ETH), litecoin (LTC), uniswap (UNI), chainlink (LINK), stellar lumens (XLM), polygon (MATIC), and aave (AAVE).

Patrick

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