LHV is recognized as one of the largest banks in Estonia and it has now decided to expand its offerings to include cryptocurrency trading as well. People will now be able to use the bank’s app for crypto trading directly via the crypto exchange known as Bitstamp. According to LHV, this makes it the first bank in the Baltics to offer its clients the service of crypto trading. The announcement came this week from LHV and if referred to itself as the first Estonian bank to make the move into the crypto market. From Monday onwards, all customers of the bank will be able to trade some major crypto assets directly through its mobile app. 

The transactions will be conducted on the crypto exchange named Bitstamp. As far as the crypto assets of the clients are concerned, they will be stored on the Bitgo platform, which is part of the Galaxy Digital Group that is listed on the Toronto Stock Exchange. The LHV bank had begun its experimentation with blockchain technology back in 2015. The bank noted that since then, they were just waiting for the crypto market to become a tad more organized and for the regulation to evolve as well. Plus, they also wanted to see some professional market players emerge too. 

The chairman of the LHV Group’s management board, Madis Toomsalu said that the crypto assets that exist today have become a rather large field in terms of turnover as well as market value and they are based on decentralized financial services. Toomsalu said that they would now become the first Estonian bank to offer crypto trading services and they were beginning the journey by allowing their clients to buy and sell crypto assets through their mobile banking app. The head of investment services in retail banking at LHV, Martin Mets said that cryptocurrencies were experiencing a rapidly increasing popularity as a new asset class and crypto assets had also experienced mature development.

Therefore, he stated that they were prepared to offer this asset class to LHV bank clients, along with the other range of products they have available. LHV stated that this was a very high-risk and volatile asset class, but crypto assets could be an important addition to the investment portfolio of any risk-conscious client. Initially, the bank is starting out by offering its clients eight selected major cryptocurrencies they can buy and sell at market prices. These are bitcoin (BTC), litecoin (LTC), ether (ETH), chainlink (LINK), uniswap (UNI), aave (AAVE), polygon (MATIC), and stellar lumens (XLM). 

Mets went on to say that they were starting out with these crypto assets, but they had plans of expanding in the future. They would not only add new instruments but also offer order types and other features that would allow for convenient trading. This is certainly a major achievement for the world of cryptocurrencies, as it is further proof that these digital assets are here to stay. Even though there are still many crypto critics and adoption issues that exist, but this is undoubtedly progress for the market. 

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