Most EU banks fail to meet rising crypto investor demand — Survey

6 days ago

European banks and fiscal institutions whitethorn beryllium importantly underestimating the request for cryptocurrency services, with less than 1 successful 5 offering integer plus products, according to a caller survey by crypto concern level Bitpanda.

The study, which surveyed 10,000 retail and concern investors crossed 13 European countries, recovered that much than 40% of concern investors already clasp cryptocurrencies, with different 18% readying to put successful the adjacent future.

Yet, lone 19% of surveyed fiscal institutions said their clients showed beardown request for crypto products — suggesting a 30% spread betwixt existent capitalist adoption and perceived interest.

Moreover, lone 19% of surveyed European fiscal institutions are offering crypto services, portion implicit 80% of institutions admit crypto’s increasing importance.

Still, immoderate European banks are recognizing the increasing request for integer assets, with 18% of surveyed fiscal institutions readying to grow their crypto work offering, peculiarly offerings related to crypto transfers.

“Financial institutions successful Europe cognize that crypto is present to stay, but astir are inactive not offering services that lucifer capitalist demand,” according to Lukas Enzersdorfer-Konrad, lawman CEO of Bitpanda.

The main barriers to adoption aren’t outer issues specified arsenic regularisation but internal, similar a “lack of assets oregon knowledge,” helium told Cointelegraph, adding:

“These tin beryllium overcome, and the situation to fiscal institutions is clear: spell and cheque your gross outflows. You tin spot wherever customers are moving their money; you tin spot conscionable however existent the request for crypto is.”

More crypto products from banks whitethorn summation European crypto adoption, considering that 27% of the survey’s respondents would similar to put successful cryptocurrencies done a accepted bank, portion lone 14% would take a crypto exchange.

In comparison, 36% of concern investors take to put done an exchange, portion accepted banks were lone the 3rd astir fashionable enactment with 27%.

Financial institutions with nary crypto integration hazard losing revenue

Banks and fiscal institutions without cryptocurrency integrations hazard losing important gross stock from some businesses and retail investors, according to Enzersdorfer-Konrad.

“Financial institutions that hold integrating crypto services hazard losing gross to their contention oregon crypto autochthonal companies. With the EU’s Markets successful Crypto-Assets Regulation (MiCA) providing regulatory clarity, the clip to enactment is now,” helium added.