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This week, Avanza Bank, Sweden’s largest online stockbroker with over 600,000 customers is now providing clients with the ability to track bitcoin and other digital assets using their account interface.
The Swedish firm Avanza Bank Holdings founded in 1999 is a well-known financial establishment in the region. The brokerage service participates in the largest number of trades that take place on the Stockholm Stock Exchange. This week the financial institution announced it would provide a feature that allows a complete picture of their customer’s portfolio; including bitcoin investments.
More Clients Are Investing in Cryptocurrencies
According to the bank’s press release, Avanza customers will be able to view both bitcoin and ethereum holdings.
“More and more of our customers are investing in cryptocurrencies, and therefore it is natural that they can follow the value directly with us,” explains the stockbroker’s CEO Johan Prom.
Avanza Bank’s Savings Economist is Against Bitcoin
Even though the bank is moving towards cryptocurrency services, the bank’s own savings economist, Claes Hemberg, has been very outspoken against bitcoin in the past. Hemberg is “concerned” for retail investors and believes that bitcoin is a pyramid scheme. “Instead, I look forward to the possibility that the Swedish Riksbank will offer a first serious alternative – the e-krona – within 1-2 years,” explains Hemberg this past August. Hemberg has also said that he believes bitcoin is no different than the MLM scheme Onecoin.
Hemberg isn’t bothered by Avanza choosing to look at bitcoin more closely, but also says they didn’t ask him about the decision. “Avanza is developing products that they think are good, while I say what I consider to be good for the savers,” Hemberg explains to the press.
Banks Worldwide are Starting to Offer Bitcoin Services
Avanza Bank Holdings joins a slew of other mainstream financial institutions offering bitcoin services like the U.S. firm’s Fidelity and USAA, the Slovenian bank Hranilnica Lon, and Norway’s largest internet-based bank Skandiabanken. Sweden’s Avanza brokerage group also offers customers the ability to purchase bitcoin using a voucher system.
What do you think about Avanza Bank Holdings providing customers with bitcoin and ethereum price tracking tools? Let us know what you the online stockbroker offering bitcoin tracking in the comments below.
Image from Veryday.com