Canadian ATB alphaBeta bank says it’s open for crypto business

October 11, 2018
Chris Wheal

More institutional support for cryptos: Canadian ATB alphaBeta bank has publicly declared its support for businesses using digital currencies. In a new blog post “Cracking Compliance: Traditional banking for unconventional business clients” ATB says it’s not afraid to go where many other banks dare not.   

ATB says it has examined different segments of the cryptocurrency space and identified areas where it can work comfortably, within tight regulatory compliance requirements. 

Challenger bank Alberta-based ATB alphaBeta claims it’s going where its rivals can’t or won’t.

One big NO – no more

“When we first explored the possibility of providing business banking services to firms operating in the cryptocurrency space, our traditional risk and compliance measures resulted in a big ‘NO’.

However the shift to cryptos has benefits for ATB, its clients and the economy it now claims. 

Bigger box needed

“Blockchain technology and cryptocurrencies will be part of the future,” it said in bold print. “Being a jurisdiction known for supporting businesses and fostering a developer community around new technologies has great potential to positively impact the entire business community in Alberta.”

It went on: “ATB understands that different business sectors have different banking needs, they don’t all fit in the same box. We’ve done it before with business banking for Arts and Culture and now we’re learning how we can support cryptocurrency business with banking services.”

Canada has garnered a reputation for crypto acceptance thanks to its strong IT infrastructure, low energy costs and a broadly positive regulatory atmosphere.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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