Skandiabanken, popular Norwegian online bank, recently accepted bitcoin as a new investment class. Because of the Coinbase wallet integration, which allows the purchasing and Holding of such digital currencies as bitcoin, ethereum and litecoin, the Skandiabanken’s clients now have access to those digital currencies using Skandiabanken’s on line banking platform. Christoffer Hernæs, the head of innovation at Skandiabanken, stated that Skandiabanken identified bitcoin and other digital currency as a funding class and that it has the same footing with different securities.
Skandiabanken is one of the first bank to publicly recognized bitcoin as an alternative investment asset when the majority of financial institutions all over the world are trying to avoid digital currency thinking that can harm modern banking business model.
Christoffer Hernæs mentioned that Japan has moved to officially accepted bitcoin as a legal way of payment, and that average every day volatility of bitcoin has reduced from ten to four percent during the last year. Hernæs also stated that this decrease in volatility of Bitcoin and the recent growth in price have caused many new bitcoin customers. In Norway, increasingly more people are interested in itcoin and other digital currencies investment.
Of course, not all banks in Norway share Skandiabanken’s opinion for providing its customers access to bitcoin as a new funding. In September 2016, the biggest bank in Norway, DNB , closed the bank account of Norges Bitcoinforening, Norway’s Bitcoin association, due to worries that the bank’s finances may have a connection with money laundering and terrorist financing.
Christoffer Hernæs said:
“We recognize that this is something people want to invest their money in. while we suppose it is right to study new solutions we can provide, we think it is a better way than categorically wondering that this is scary.”
Skandiabanken joins the ranks of the only a few banks in Europe which are embracing Bitcoin. Just Fidor Bank based in Germany and Liberty Bank based in Georgia provide the same offerings to its clients.