19 December 2014

Bitcoin Deutschland and Fidor Bank form partnership

11 July 2013  |  2212 views  |  0 Source: Bitcoin Deutschland

Munich-based Fidor Bank AG enters large-scale partnership with the bitcoin marketplace "bitcoin.de".

The publicly-traded online bank [WKN: A0MKYF / ISIN: DE000A0MKYF1] will provide a so-called liability umbrella to Bitcoin Deutschland GmbH, the operator of the bitcoin.de marketplace, thereby bringing bitcoin trading in Europe to a new level.

As from the start of the cooperation, which will be activated upon the registration with the German Federal Financial Supervisory Authority, Bitcoin Deutschland GmbH will become Fidor Bank AG's so-called "tied agent" to conduct the bitcoin trading for Fidor Bank AG on bitcoin.de.

Bitcoin.de will thus be the first European bitcoin trading platform with a direct banking cooperation and is following the financial market regulations, e.g. the anti-money laundering legislation.

"With Fidor Bank AG as our Partner, the digital bitcoin currency, which was initially smiled at as internet play money, is increasingly turning into a serious alternative currency after only 4 years", says Oliver Flaskämper, managing director of Bitcoin Deutschland GmbH. "In the context of this cooperation with Fidor Bank, in the weeks to come, our customers will be given the opportunity to trade on bitcoin.de in near real-time using a free FidorPay giro account. This is a great wish of our over 70,000 customers in Europe", continues Flaskämper.

While customers of foreign bitcoin exchanges generally transfer their money to foreign company accounts that are not protected in the event of insolvency, the monies of bitcoin.de's customers have always been deposited in their own bank accounts that are covered by the EU deposit guarantee in the amount of 100,000 euros per customer and account. "In addition, bitcoin.de customers appreciate a European point of contact", adds Oliver Flaskämper.

Only a couple of days ago, upon a Parliamentary question submitted by Frank Schäffler, Member of the German Parliament and the Financial Committee, to the Federal German Government, it was clarified that speculative profits become tax-exempt for private individuals after a holding period of one year. From a fiscal point of view, bitcoins are hence placed on the same footing as gold.

When asked about the recent price declines, Oliver Flaskämper says: "The first speculative bubble occurred in 2011 at 20 euros, the second in 2013 at 200 euros. I do not think that any bitcoin investor would consider it a big problem if the next speculative bubble burst in 2015 at 2,000 euros. As early as in mid-2010, one of the developers of bitcoins, Gavin Andresen, predicted up to five speculative bubbles. Bitcoins are not for the faint-hearted and they are not yet suitable for private old-age pension schemes. This might be completely different, however, in 2 or 3 years' time." 

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