Scandinavia’s largest bank, Nordea Bank, has changed its stance on cryptocurrencies in the face of growing adoption and regulatory clarity.
The bank, which has long maintained a tough stance against Bitcoin and cryptocurrencies, has been put off by the growing adoption.
At this point, Nordea Bank said it will offer its clients a Bitcoin (BTC)-linked ETF starting in December.
With this move, Nordea plans to allow its customers to trade Bitcoin directly without seeking investment advice.
Nordea manages $286 billion in assets and has a customer base of over 10 million.
At this point, Nordea’s decision is interpreted as a strategic change due to the rapid institutionalization of the cryptocurrency market, regulatory clarity, and increasing investor demand.
It is also stated that Nordea Bank’s decision was influenced by developments such as the EU’s launch of the Crypto Asset Markets (MiCA) application.
Nordea announced in 2018 that it was banning employees from buying or holding Bitcoin due to concerns about the unregulated nature of the cryptocurrency market. In its earnings report, it stated that it had “no risk appetite or direct exposure to cryptocurrencies.”
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/a-major-change-from-the-giant-european-bank-that-once-banned-bitcoin-gives-bitcoin-the-green-light/
