Czech Bank Partners Banka Launches Bitcoin Trading in Mobile App

Partners Banka has become the first Czech bank to allow clients to buy and sell Bitcoin directly within its mobile app. The new feature is part of the bank's long-term strategy to create a single space for clients' entire financial lives, according to CEO Petr Borkovec.

The technology side of trading and storing Bitcoin is handled by Anycoin, the largest Czech crypto exchange, which obtained a license from the Czech National Bank under the European MiCA regulation this year. The combined buy-and-sell fee will be 2%, with the bank taking 1.5% and Anycoin taking 0.5%. There is no fee for storing coins.

Borkovec urges caution, stating that Bitcoin is a risky asset that should make up no more than five percent of a well-diversified investment portfolio. He notes that the banking app can't eliminate Bitcoin's price swings or other risks but can remove unnecessary technological barriers and give clients better control over their investments.

The service officially launches on August 10, allowing customers to buy Bitcoin with as little as 500 crowns. The maximum amount for a single purchase is 1.5 million crowns, though the number of transactions is unlimited. However, it will not be possible to transfer purchased Bitcoin outside the bank at this time.