Bitcoin gains support by a Norway Bank, strong fundamentals may be the reason.

A bank named Skandiabanken in Norway, which has no branches and is only available online, now takes Bitcoin  investors into the heat:

Skandiabanken now supports Bitcoin. The bank encourages it’s users to use Bitcoin. But the user cannot purchase the Bitcoins via bank. The user will be  redirected to Coinbase, a Bitcoin Exchnage platform in order to purchase the digital currency.

While the digital currency meets resistance from other industry teams, Skandi Bank will “test the waters” – and roll out new online banking for cryptocurrency investors.

A new feature gives customers an overview of their locations in cryptographic directories directly in the web bank.

It works by customers logging into a third-party user interface from the Coinbase digital shopping center, and will then get the Bitcoin balance visible and updated in the web bank.

Initially, the service is offered to customers using the bank’s payment solution, and purchases and sales may still be made in other channels.

But the Skandiabanken top official says the function represents “first step in one direction we believe in.”

The bank’s attitude arouses enthusiasm at the Norwegian Bitcoin Association.

Strict regulatory requirements for using Bitcoin

However, a viewing opportunity in the web bank is a bit away from offering direct trade of Bitcoins, recognizing the bank top.“It’s still in an early phase for crypto currencies. Then it may be ok to test the waters, without dumping it with the head first“, says a bank official.

Bank customers who want to purchase Bitcoins with funds from account can use intermediaries such as  Paypal. Among other things, the rules require banks to know the origin of the money – a provision that may be challenging for a currency like Bitcoin.

This article was contributed by author Bhargavi Sayee.

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