Estonia's largest bank LHV has announced that it is now offering cryptocurrency trading directly from its mobile app, becoming the first bank in the Baltics to provide such services. The service is powered by crypto exchange Bitstamp, while clients' digital assets are held on the Bitgo platform, part of Galaxy Digital Group listed on the Toronto Stock Exchange.
Eight Years of Exploration
LHV began experimenting with blockchain technology in 2015 but waited for the regulatory environment to mature, the market to become organized, and professional players to emerge. Now, with crypto assets reaching significant market value and decentralized finance volumes, the bank sees the time as right.
Madis Toomsalu, chairman of LHV Group's management board, stated: "We will be the first bank in the Baltics to start offering crypto trading to our clients – as the first step, they will be able to buy and sell crypto assets on the LHV mobile app." Martin Mets, head of investment services in retail banking, added: "Considering the increasingly mature level of development of crypto assets and their rapidly growing popularity as a new asset class, we are ready to add this asset class to the range of products offered to LHV bank clients."
Eight Major Coins Supported
Initially, customers can buy and sell eight selected major cryptocurrencies at market prices: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Uniswap (UNI), Chainlink (LINK), Stellar Lumens (XLM), Polygon (MATIC), and Aave (AAVE). LHV noted that while this is a highly volatile and high-risk asset class, it can play an important role in a risk-conscious client's portfolio.
Mets revealed: "In the near future, we plan to add new instruments, order types and other solutions for more convenient trading." This move marks a significant step for traditional banking embracing digital assets and reflects growing acceptance of cryptocurrencies among European financial institutions.