Last Updated: 9 January 2023
The Netherlands has gained a new crypto platform. With Finst, former employees of DEGIRO are looking to make a move into the industry. The company registered with De Nederlandsche Bank (DNB) as a Crypto Serivce Provider.
— TechVisor (@TechVisorNL) January 9, 2023
The goal seems clear: compete for Dutch customers. DEGIRO is a popular online broker where you can invest in financial products such as stocks and related products in various ways. This is a service where you cannot withdraw bitcoin yourself. Withdrawals and deposits are therefore ‘just’ done with the euro.
Finst aims to appeal to the retail market: “The idea behind the new cryptocurrency platform is to bridge the gap between retail and professional investors by offering maximum security and transparency at low fees (the lowest transaction fees in the Netherlands). To offer customers maximum security, Finst works with the world’s leading wallet management provider, Fireblocks. In addition, all customers’ money is held at Dutch bank bunq.”
In the so-called crypto register of regulator DNB, you will find several names. Companies in the Netherlands must work their way through this inspection before they are allowed to offer services related to bitcoin. Foreign parties like Coinbase are on the list, as are all local brokers and exchanges.
Parties like Binance are missing from the list, even though they offer services to Dutch citizens. Parties like Finst have to compete with them.