A number of small European banks have benefited from the Bitcoin boycotts of the bigger representatives of the financial industry.
While large banking institutions refuse to mediate virtual currency trading and ICO, some smaller vaults are glad to fill the freed niche, despite the heavy expectations of regulating the sector, the Financial Times said.
The Swiss banks Vontobel and Falcon Bank are among the European institutions that mediate investment in crypto.
German Fidor Bank and Bank Frick from Liechtenstein also formally offer similar services.
"There is a risk, but there are also great opportunities," said Eddie Vögger, CEO of Bank Frick. "We know what to do in terms of security, so it's a great opportunity for banks like ours," he adds.
According to Vöggerer, big banks are "scared" by the crypto, "because they do not understand them and feel threatened."
According to Oliver Busman, president of the Crypto Valley Association in the Swiss Canton of Zug, the fact that the big players sit sideways and refuse to join the game opens the way for smaller banks and specialized companies. "More and more bankers are coming," says Busman.
Bank Frick advises companies on ICO procedures and informs investors before the sale of assets begins. According to Vöggerer, there is a "huge demand" for such services, and the institution he has managed so far has mediated 10 ICO procedures.
Bank Frick offers online trading services for virtual currencies as well as a service for storing encrypted wallet code on physical media.
Most banks are pulling out of crypto, worrying about money laundering and terrorist financing schemes. These concerns are mainly generated by the anonymous and decentralized nature of virtual currencies.
One of JPMorgan's biggest critics, JPMorgan Jamie Dimon, says that if a bank employee is trapped in dealing with virtual currencies, he will be instantly fired.
Many banks in the United States and the United Kingdom have blocked the possibility of investing in crypto-credit cards, and others directly refuse mortgages to people whose accounts are full of money from virtual currencies.
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