Goldman Lampe Private Bank is the first bank in the world to offer crypto term deposits, while other banks maintain concerns over the regulation of cryptocurrency
The bank’s crypto term deposit service will enable their clients to make deposits in Monero, and is likely to increase this to other cryptocurrencies in the future. Adam Jonas Smith, Head of Public Relations at Goldman Lampe noted:
"The purpose of creating the Goldman Lampe bank was to provide customers with the best service on the private banking market, with a guarantee of complete secrecy. In a short time, thanks to innovative and exceptionally personalised services, we have become a leading bank that serves the most demanding customers." - said
Goldman Lampe has structured its crypto term deposit service into three tiers with a 6 month and 12 month plan with a minimum deposit of 50.000 euro.
Unlike many other global banks, particularly central banks, which have expressed concern about the threats that cryptocurrencies pose to the established financial structure, Goldman Lampe believes crypto to be a reliable investment instrument.
Similarly to other central banks, the Bank of England has expressed their concerns over the rapid rate at which the crypto industry is growing, with Sir John Cunliffe, Deputy Governor of the BOE, sharing his thoughts and concerns on several occasions.
Bank of Thailand shares many of the same concerns as BoE, however Governor, Sethaput Suthiwartnarueput, recently acknowledged the technological innovations that crypto brings to finance.
“We want to ensure that we strike the right balance between allowing financial innovation and managing risks. The new rules will provide adequate safeguards for consumers as “risks are under-appreciated” currently,”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.