KBC Bank, one of Belgium’s largest financial institutions, is reportedly preparing to allow its customers to invest in cryptocurrencies through its Bolero subsidiary.
Bolero, an online investment platform operated by KBC, will roll out access to Bitcoin (BTC) and Ether (ETH) investments on its platform later this year, local newspaper L’Echo reported on Wednesday.
KBC expects to secure regulatory approval for the product by autumn.
A spokesperson for KBC confirmed the bank’s plans to L’Echo. “Individual investors could then invest directly in Bitcoin and Ether in a secure environment, with particular attention paid to education, security and compliance with regulations,” they said.
One of the first Belgian banks to embrace crypto
If the rollout proceeds as planned, it would become the first major Belgian bank to announce its intention to offer crypto services to retail customers, according to L’Echo.
Currently, Belgian customers typically use foreign crypto exchanges like Binance, Coinbase and OKX or crypto-friendly investment apps such as Revolut and N26, the report said.
KBC’s move comes amid European banks increasingly moving into crypto investment and custody products, with two German banks, Deutsche Bank and Sparkassen-Finanzgruppe, reportedly planning to debut crypto offerings in the coming months.
Cointelegraph contacted KBC for comment but had not received a response by the time of publication.
This is a developing story, and further information will be added as it becomes available.
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