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Coinbase and LHV Bank celebrate decade-long partnership
London, 5th February 2024 - 2024 marks ten years since Coinbase selected LHV Bank as its European banking partner. Coinbase, the leading cryptocurrency exchange on a mission to increase economic freedom, needed a partner for the long-term that would support its ambitions when the partnership was agreed. Ten years on, LHV Bank remains Coinbase’s primary banking provider in Europe. The partnership has evolved significantly to now allow Coinbase customers to instantly top up or withdraw from their wallets to bank accounts all over Europe.
Andres Kitter, Deputy CEO of LHV Bank said: “LHV Bank and Coinbase are both entrepreneurial businesses that understand each other’s mission to give customers fair choice in a competitive financial marketplace. Our shared focus on innovation ensured success from the outset. A decade on we continue to provide Coinbase with the payments processing reliability that is critical to it being regarded as the most trusted crypto platform.”
“At the outset we needed a like-minded partner who would support our growth ambitions, providing the payments processing scale necessary to build customer confidence in our exchange”, commented Daniel Seifert, Vice President and Regional Managing Director EMEA at Coinbase.
“Coinbase started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today we provide a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. LHV Bank is a critical partner for Coinbase in Europe in helping us deliver this.”
Key milestones in the partnership include the launch of virtual accounts in Europe simplifying ledger-keeping and reconciliation. Complementing SEPA instant, LHV Bank launched supplementary instant payments scheme TIPS in 2021/22 to enable instant processing of withdrawals for the majority of Coinbase customers. In 2023 LHV and Coinbase worked together to enhance payment data quality to further increase the proportion of payments being settled in real-time.
The mutual collaboration between the two businesses extended further in 2023 when LHV Bank’s Estonian sister, LHV Pank became a client of Coinbase.
“Our clients are typically early adopters and are keen to get involved in the crypto space, with the recent approval of Bitcoin ETFs marking a pivotal moment”, added Andres Kitter. “We’re, therefore, excited to be able to support them through our partnership with Coinbase. There is immense trust in the LHV Bank brand, so it was critical that we chose a partner that has built its own reputation on trust and reliability and Coinbase has done just that.”
Committed to delivering seamless user experiences, Coinbase and LHV Bank remain focused on providing Euro top ups and off ramps to customer virtual accounts whilst working together to effectively tackle fraud, to protect customers today and in future.
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