To provide the world’s first Bitcoin trading platform with a “direct connection to the classic banking system, Bitcoin.de has partnered with Fidor Bank. At the occasion, Fidor Bank CEO Matthias Kröner said that in the Bitcoin environment, conducting money transactions promptly from one bank customer to another enhances security “massively”.
He further added that Fidor Bank is setting a further milestone in digital banking. Nonetheless, Bitcoin.de, a peer-to-peer Bitcoin trading platform that allows Bitcoin buyers and sellers to deal directly with one another, rather than dealing with the company, as is the case with Bitcoin exchanges, is emerging as a popular choice among traders.
Trading platforms play vital role as traders prefer the ones that provide them fast transactions. Understanding this fact the company claims that with the new arrangement is able to bring far faster services, allowing EUR/BTC trades to be completed within “seconds” when both customers have a free ‘FIDOR Smart Giro Account’.
Nonetheless, as it promises extra security for the traders with customers’ funds staying within their Fidor Bank accounts, rather than being held by a centralized body, such as an exchange, traders are expected to flock in large numbers. However, in the case of insolvency or security breach, Bitcoin.de points out, those funds are all too easily lost, with no guarantee of return.
The company informs that accounts held at Fidor Bank which, as a licensed German bank, is highly regulated are covered by a “standard deposit security of €10,000”. Nonetheless, to put this arrangement in place, the company says that it took over one and a half years of development work.
Huge Prospects for Bitcoin in Germany
Lots of time was also spent on acquiring regulatory requirements and creation of a new set of Terms and Conditions. Talking to media professionals Oliver Flaskämper, board member of Bitcoin Deutschland AG, said that this is not only good news for all Bitcoin fans, but also good news for FinTech companies based in Germany.
He further added that together with the right partners more is possible in Germany than one might think. The entities joined hands as both are quite progressive firms and value the latest technology to the great extent. At the occasion Matthias Kröner explained that the current Bitcoin market should help in prompt money transactions.
According to him Fidor Bank is setting a further milestone in digital banking with the latest partnership with Bitcoin.de.
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