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Banca Mediolanum, cryptocurrency trading coming soon

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Banca Mediolanum cryptocurrency

Banca Mediolanum may soon introduce a cryptocurrency investment service. The rumour comes directly from Massimo Doris, CEO of Mediolanum, during a press conference in which he commented on the financial institution’s first-quarter results. 

These are the words of Massimo Doris:

“We are studying the world of cryptocurrencies and we are thinking of introducing them as an investment service but we do not have a timeline. The idea is to allow our customers to buy or sell cryptocurrencies in the future”.

Banca Mediolanum has just returned from a period that the management itself defines as “amazing”. 

In fact, the Italian bank’s numbers are impressive. The first quarter of 2021 saw a net profit of €133.4 million, up 85% from €72.2 million in the first three months of 2020. 

Total assets under management amount to €97.7 billion, up 5% compared to 31 December 2020 and 25% compared to 31 March last year. Loans disbursed also increased, 853 million, 37% more than the previous year.

In this regard, the CEO says:

“Moreover, this boom quarter should not be taken in isolation, but rather is part of a path of continuous growth of a healthy company. We are now close to reaching the important milestone of 100 billion in assets under management and our capital capacity remains steadily above 20%, despite the significant dividend we are ready to distribute”.

Cryptocurrencies in Banca Mediolanum

It is clear that cryptocurrencies are also in the bank’s plans. But Massimo Doris adopts a cautious approach:

 “We are thinking of introducing them as an investment service in the same way as we offer online trading, the idea is to place them alongside stocks and bonds, even though they are a very very risky investment. It is clear that if they make +100 they can also go to zero”. 

The CEO of Mediobanca also wanted to make a distinction in which he showed he had mastered the subject:

“We need to distinguish between the cryptocurrencies in circulation today, which we can define as private, such as BTC and ETH, and the state-owned ones, which are increasingly being talked about, such as the cryptodollar. the cryptoeuro and the cryptosterling. The former will remain relegated to the role of investment instruments, while for large-volume payments the matter is totally different.”

This is why he considers cryptocurrencies:

“A very interesting solution, which can allow us to combine the advantages of cryptocurrencies such as BTC, which offer rules and transparency, with the stability of traditional currencies, concentrating payment solutions that are impossible today. If I can use the cryptocurrency I will not have the risk of volatility associated with cryptocurrencies.”

From the above words, it seems clear that the services that Mediobanca could offer are inherent not only to the so-called CBDCs, whose enactment, at least in Europe, is still to be defined. Mediobanca could allow cryptocurrency trading, just as its CEO said, in the same way that it allows its investors to trade online. The first solution would be obvious, the second less so. But it is the latter that would be the real innovation

The post Banca Mediolanum, cryptocurrency trading coming soon appeared first on The Cryptonomist.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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