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Bitcoin Romania: A bank can obtain even 10 millions Euros a year due to cryptocurrency transactions

A bank can obtain revenues between 2-10 millions Euros a year if is partnering with a cryptocurrency trading platform or if it allows its clients to use cryptocurrency, shows the predictions of Bitcoin Romania, virtual currency exchange service provider.

Bitcoin Romania’s management wants to start collaborating with a bank in the coming period, as a part of its strategy to maintain its position as the most important player on the Romanian market of digital currencies (cryptocurrencies).

“The value of two millions Euros is the minimum amount that we guarantee to a bank if we become partners. It is a sum that we estimate based on the transactions values that we registered in the past and that we predict for the future. But if the transactions number increases, if Bitcoin value increases too and a part of our 100,000 clients transfers their accounts to the bank; all this elements together can generate to a bank revenues of 10 millions Euros a year”, says Constantin Rotariu, Co-founder & Chief Strategy Officer Bitcoin Romania.

A major impact in the development of this field will have the transposition in România of Directive (EU) 2015/849 – known as 5th EU Anti-Money Laundering Directive – on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.

“We want very much that this field to be regulated because we hope that in this way banks will ac-cept our business model. For us this means additional costs and bureaucracy, but will bring maturity and trust to our entire industry. This EU directive could be adopted in Romania very soon or in the next months, but it will be for sure in 2020”, adds Bitcoin Romania Co-founder.

During the last months, a large number of banks from the entire world made steps to collaborate with virtual currency exchange service providers. For instance, JPMorgan Chase & Co, the largest bank in the USA, started to offer financial services for the exchange services providers Coinbase and Gemini. On the other hand, CaixaBank added this year the digital platform we.trade in its list of services for corporate customers becoming one of the first major European banks to offer access to blockchain technology to its clients.

“Customers want the banks to launch this kind of services. A bank that offers access to blockchain technology may have advantages as gaining new clients and revenues, but also marketing capital-ization. In the last 24 hours had been registered transactions of 128 billion value, globally, as for coinmarketcap.com. If we succeed to attract 0.01% of these transactions through our platform and the bank we could collaborate with, we will achieve our goal to generate 10 million Euros as reve-nues for a banking institution”, says Constantin Rotariu, Co-founder & Chief Strategy Officer Bitcoin Romania.

Bitcoin Romania has around 100,000 customers, with a 20% increase compared with the same period of 2019. Almost 90% of Bitcoin Romania clients are individual customers.

There are more than 4,000 cryptocurrencies at a global level, but Bitcoin Romania trade only the first ten most used currencies. The leading digital currencies by market capitalization are Bitcoin, Ethereum, Tether, XRP și Bitcoin Cash.

According to a press release issue by the company, on 2nd of June, 9.00 AM, the value of one Bitcoin was 43.964 lei/9.078 Euros.

“At the beginning of the pandemic period Bitcoin has recorded a 40% fall, but since then has re-covered completely and I think that till the end of the year the value of one Bitcoin will be more than 10,000 Euros. Bitcoin was the only asset that didn’t need an extern aid to recover after the crisis that started at the beginning of March”, says George Rotariu, CEO si co-fondator Bitcoin Romania.

“Virtual currencies mean a digital representation of value that is not issued or guaranteed by a cen-tral bank or a public authority, is not necessarily attached to a legally established currency and does not possess a legal status of currency or money, but is accepted by natural or legal persons as a means of exchange and which can be transferred, stored and traded electronically”, according to Directive 2018/843 of the European Parliament and of the Council amending Directive (EU) 2015/849. (https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32018L0843&from=EN)

Bitcoin is the first and most known decentralized virtual currency. Bitcoin was launched in 2009 and can be used for value transfer, online payments and investments.

 

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