Banca Mediolanum will soon be able to introduce a cryptocurrency investment service. The rumor comes directly from Massimo Doris, CEO of Mediolanum, during a press conference in which he commented on the financial institution's first quarter results.
These are the words of Massimo Doris:
“We are studying the world of cryptocurrencies and we are thinking of presenting them as an investment service but we do not have a timetable. The idea is to allow our clients to buy or sell cryptocurrencies in the future ”.
Banca Mediolanum has just returned from a stage that the management itself defines as “amazing”.
In fact, the figures for the Italian bank are impressive. The first quarter of 2021 recorded a net profit of 133.4 million euros, 85% more than the 72.2 million euros of the first three months of 2020.
Total assets under management amount to 97.7 billion euros, 5% more than on December 31, 2020 and 25% more than on March 31 of last year. Loans disbursed also increased, 853 million, 37% more than the previous year.
In this regard, the CEO says:
“Furthermore, this boom quarter should not be taken in isolation, but rather part of a path of continued growth for a healthy company. We are now close to reaching the important milestone of $ 100 billion in assets under management and our capital capacity is consistently above 20%, despite the significant dividend we are willing to distribute. ”
Cryptocurrencies in Banca Mediolanum
It is clear that cryptocurrencies are also in the bank's plans. But Massimo Doris takes a cautious approach:
“We are thinking of presenting them as an investment service in the same way that we offer online trading, the idea is to place them alongside stocks and bonds, although they are a very, very risky investment. It is clear that if they do +100 they can also go to zero ”.
The CEO of Mediobanca also wanted to make a distinction in which he demonstrated that he had mastered the subject:
“We need to distinguish between the cryptocurrencies in circulation today, which we can define as private, such as Bitcoin and Ethereum, and the state ones, which are increasingly being talked about, such as the crypto dollar. cryptoeuro and cryptosterling. The former will be relegated to the role of investment instruments, while for large-volume payments the matter is totally different ”.
So consider cryptocurrencies:
“A very interesting solution, which can allow us to combine the advantages of cryptocurrencies such as bitcoin, which offer rules and transparency, with the stability of traditional currencies, concentrating payment solutions that are impossible today. If I can use cryptocurrency, I will not have the volatility risk associated with cryptocurrencies. "
From the previous words, it seems clear that the services that Mediobanca could offer are inherent not only in the so-called CBDC, whose promulgation, at least in Europe, is yet to be defined. Middle bank could allow cryptocurrency trading, as its CEO said, in the same way that it allows its investors to trade online. The first solution would be obvious, the second less. But it is the latter that would be the true innovation.