LHV Bank: our core value to support bitcoin

LHV Bank: our core value to support bitcoin
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Although the industry has recently gained many famous financial giants attention, but one of the earliest institutions and embrace bitcoin blockchain is LHV Bank of Estonia.

Since 2014, the LHV bank has been committed to the study of emerging technology use cases, efforts and entrepreneurial companies such as Coinfloor to establish relations of cooperation, and provide banking services for Coinbase. Last June, LHV bank even launched Cuber wallet application of it, which is based on a block Chain Wallet allows users to send on behalf of the euro’s real numbers.

In 2016, LHV bank said it will expand the scope of the study, that it is not only the goal of “creating a wallet”. In a new interview, manager J u riLaur encryption LHV describes the state currency products company currently project and industrial development.

Laur told CoinDesk that LHV is still on the digital currency ledger and distributed applications are very interested in:

“It’s fair to say that we support the innovation licensing bitcoin core value of the dispersion and open. That said, but we are a bank must operate in a legal framework, to take all of the provisions seriously, sometimes it will also limit our choices.”

The company of digital currency case open positive industry investors pay little attention to this key when start-up companies, major financial institutions and monetary publicly criticized the idea of the application, but the technology is desirable.

However, Laur suggested that his company do not accept the idea of peer structure.

“I believe the blockchain is suitable for some cases, but also lost a lot of the key quality of this technology is so valuable,” he added.

For his part, Laur LHV said the bank has maintained to test the “blockchain agnostic”, so that it can adapt to the replacement block chain will become more widely used.

For example, he points out that he is very optimistic about the etheric Fang (Ethereum), while recently in its creator VitalikButerin LHV’s visit to Estonia, the bank hosted him.

All the bank’s initiative

As for the size of the internal initiative LHV bank and the scope of the Laur, said the bank has not yet established a separate department, but he pointed out that the company is actively taking measures to ensure that their staff are proficient in this emerging technology.

“Encryption currency 101” is all new staff training part. I’m pretty sure there is no other banks will do so, “boasted Laur.

Laur further pointed out that the LHV position is the main financial company consortium trend, aims to explore the blockchain technology of distributed ledger application case.

Due to the early LHV interest in the industry, he said LHV so far are not involved in became the focus of the news cooperative relationship, and these actions have been successful.

“I believe that to better understand the rapidly and its potential need to establish their own proof of concept,” he said.

Laur added that LHV does not “rule out” will join the consortium, but did not mention any specific group can be considered.

About his own technical acumen, Laur said he first heard of bitcoin is in 2010, but in the last year to see bitcoin potential.

Before Laur Skype billing and payment manager, in October took over the management of the LHV encryption currency products.

In this background, Laur thought he understood why Internet Co like Netflix have expressed support for bitcoin. Laur said, “now the payment system is not used for online business creation.

“The challenge for Skype is to provide a way to let the world is what every country to pay. But now is not a single payment to be able to do this, “he said, adding that:

“Bitcoin or another encryption currency can solve this problem? The answer may be yes.”

Laur said the Bank of existing infrastructure is not advanced enough “”.

Recently issued by the AiteGroup statement shows a trend that block chain will get enough support in financial companies, with the drive to replace the old system.

Expand the scope of the study

Although Laur does not imply any new concept in the development of LHV bank verification, he said the company and bitcoin company ChromaWay cooperation Cuber wallet “very successful”, and it is eager to build the bank.

Laur said that LHV is committed to the development of technology in commercial use, this process could include expanding its application programming interface (API), because it wants to develop this product for more cases.

“Now we must rely on the account holder wallet products, this year our goal is to expand the customer base and the scope of products for us,” he said.

Laur said the Cuber wallet is very basic, but also implies broader goals, and concluded:

“In order to keep it simple, my main goal in 2016 is to solve the practical problems in life.”

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