Norwegian online bank Skandiabanken now recognizes bitcoin as a new investment class and allows its customers to access their bitcoin holdings through its online banking platform, according to a Norwegian media report.
Through an integration of the Coinbase wallet, which enables the buying and storing of cryptocurrency holdings in bitcoin, ether and litecoin, the bank’s customers now have direct access to these holdings using Skandiabanken’s online banking.
Christoffer Hernæs, head of innovation and development at Skandiabanken, said that Skandiabanken “recognize[s] cryptocurrency as an investment class” and that it has “an equal footing with other securities.”
Skandiabanken is, therefore, one of the first financial institutions to publicly acknowledge bitcoin as an alternative investment asset class at a time when the vast majority of its competitors are shunning the cryptocurrency that many believe poses a threat to the current banking business model.
Hernæs also points out that Japan has recently moved to officially recognize bitcoin as a legal payment method, and that bitcoin’s average daily volatility has decreased from 10 percent to 4 percent last year.
Bitcoin’s decrease in volatility and the sharp increase in price over the last 12 months have led to a wave of new bitcoin users …read more