Small European banks occupy a cryptocurrency niche

While large banks impose restrictions on the use of cryptocurrency for their clients, small banks are finding new benefits in digital technologies

Unlike large banks that are critical of the use of cryptocurrencies, some small banking institutions in Switzerland, Germany and Liechtenstein view new trends in the digital industry positively. Instead of restrictions, they give their clients the right to become part of the cryptocurrency economy.

Bank Frick, for example, provides consulting support to startups on ICO issues. At the same time, carefully selecting and checking such companies. Payment for bank services is also carried out in cryptocurrency. Falcon Bank allows investors to buy virtual currencies and accepts proceeds from crypto sales. Fidor Bank not only offers a bank account in euros, but also gives its clients access to the American exchange.

Edi Wögerer, who is the chief executive of Bank Frick, said the following:

“There are both risks and great opportunities. From a security point of view, we know how to act, so this is a good opportunity for banks like ours.”

Vogerer also added that larger banking institutions see cryptocurrencies as a threat to their status quo and they are afraid of what they do not understand. 

The President of the Swiss Crypto Valley Association, Oliver Bussmann, noted that by leaving the cryptocurrency market, larger banks are making room for their smaller competitors. And smaller entities can implement their own protocols into the bank's operations, such as vetting their clients or monitoring their financial activities to ensure compliance with all regulations and laws. 

As for attempts to regulate the cryptocurrency market on a state basis, Eddie Vogerer said:

“We hear all international statements. If the market is regulated and it works, then we will comply with all regulations.”   

According to bitcoinist.com