Nordea Steps Into Crypto: Bitcoin ETP Access for Customers
In light of growing acceptance and more transparent laws, Nordea, the biggest bank in Scandinavia, has modified its position on cryptocurrencies. The bank declared that beginning in December, its clients will have access to an external exchange-traded product (ETP) tied to Bitcoin. On Thursday, Nordea announced that CoinShares, a digital asset investing company, created the Bitcoin ETP. The underlying asset of the ETP is Bitcoin. Only execution-only offerings of the ETP will be made available. According to the bank, this implies that although consumers are free to purchase the product, Nordea does not provide guidance on it.
Nordea Reverses Crypto Ban Amid Market Maturity
Since the cryptocurrency market is uncontrolled, Nordea declared in 2018 that it had banned its workers from buying and keeping Bitcoin. It claimed to have no taste for risk or direct exposure to virtual currency in later profit reports. The bank stated that rising restrictions and market maturity were the direct causes of the change of heart. As an example, it mentioned the European Markets in Crypto-Assets Regulation (MiCA).
Nordea has closely monitored trends in cryptocurrencies but maintained a cautious approach due to the unregulated nature of crypto-assets and the lack of investor protection and authority supervision that dominated the emergence of digital currencies. Against this background, Nordea remains open-minded to offering products and services to meet our customers’ needs as the environment matures.
Nordea
Rising Interest in Cryptocurrencies Shapes Nordea’s Strategy
According to Nordea, the demand for cryptocurrencies is rising throughout the Nordic region. The bank went on to say that its decision was also influenced by the rising demand.
The market for crypto-related investment products, especially exchange-traded products, with a cryptocurrency as the underlying asset, has grown rapidly in Europe as institutional and retail investors seek to gain exposure to digital assets within established financial markets.
Nordea
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