Italian Banca Mediolanum Wants Offer Cryptocurrency Investment Services
One of Italy’s most popular banks, Banca Mediolanum, which has always been famous for its innovative way of thinking, would open up to cryptocurrencies.
„We’re studying the world of cryptocurrencies and thinking about introducing them as an investment service,” stated Massimo Doris, the CEO of Banca Mediolanum during the first-quarter report release. „As an investment service provider, we offer online trading in addition to stocks and bonds investment, our idea is that our clients could also buy or sell cryptocurrencies with us,” explained Doris.
Massimo Doris also added that a distinction needs to be made between “private” cryptocurrencies, such as „Bitcoin and Ethereum, and public cryptocurrencies [CBDCs], which are increasingly being talked about. The former versions are recommended for investment purposes rather than as means of payment. The discourse on the digital dollar or the digital euro is completely different…”
According to Doris, central bank issued digital currencies can be a very interesting solution, „as they offer transparency, while at the same time having the stability of traditional currencies and enabling payment solutions that are impossible today.”
Doris’ statement about cryptocurrencies and Mediolanum’s possible entry into the cryptocurrency sphere came just when the bank released its first-quarter earnings results.
Net profit exceeds €133 million, an increase of 85% compared to €72.2 million in the first quarter of 2020. „In addition to the positive effects on the market, this result reflects the sustainability of our structural business,” said Doris, who praised „the tireless work done for operational efficiency, the results of which can be translated into significantly lower cost growth than revenue.”
The CEO then points out in his letter that Banca Mediolanum’s assets under management (AUM) are approaching €100 billion and the financial institution is able to pay significant amounts of dividends.
See also: Hungary cuts crypto taxes in half to improve tax compliance (bitcoinbazis.hu)