A commercial bank in the Czech Republic launched an online service combining the characteristics of traditional financial and digital currency users. Expobank CZ said that users using its bank account will be able to trade digital currencies, invest in startups and buy precious metals.
Banks provide cryptocurrency and crowdfunding services
Expobank CZ said that they are the first bank in Europe where account holders can simultaneously conduct cryptocurrency-related transactions and traditional banking activities. The new service launched by the bank's online platform Expobanking is called Neo. Prague Express reports that users have complete control over their financial activities, including cryptocurrency-related activities.
Expobank recently reached a partnership with two companies in the cryptocurrency industry to provide cryptocurrency-related services. With the agreement reached with Wbtcb, users of the bank can use Bitcoin for transactions and investments. According to a report in Czech media, bank users do not need to create additional cryptocurrency wallets. Account holders who have completed verification will have a higher transaction limit.
Expobank users will have the opportunity to invest in the growing cryptocurrency industry. They can use the largest crowdfunding platform in the Czech Republic, and they are also the bank's other partner Fundlift. Investors can also participate in ICOs, invest in financial startups, or buy equity in mature companies.
Holders of Neo accounts can also invest in precious metals. Expobank has reached an agreement with Czech Mint, which produces gold and silver ingots. In the Czech Republic, the purchase and sale of gold is tax-free. Expobank's new platform also has insurance services provided by a large insurance company. For example, they can purchase insurance for business trips in their account.
Prague is the best city to spend cryptocurrency
The Czech Republic is one of the most crypto-friendly countries in Europe. According to a survey report conducted by Fortune Jack, whose services cover the most popular Bitcoin areas in the world, its capital city ranks first on the list of the best cities to spend digital currency. There are 150 places in Prague that accept cryptocurrency payments, including many tourist attractions, shops, hotels and restaurants.
Last year, Alza.cz, the largest e-commerce platform in the Czech Republic, began accepting BTC. Last spring, Pražská Plynárenská, the largest public utility company in the Czech Republic, launched a cryptocurrency payment gateway for users.
With the launch of the Neo service, Expobank hopes to attract more cryptocurrency enthusiasts, potential investors and companies in the industry, and ultimately expand the user base. According to Czech media Blesk, the bank currently has approximately 20,000 users.
Restricted banking services are still a major obstacle for fintech companies, even in cryptocurrency-friendly jurisdictions like Switzerland. How to solve this problem and prevent the outflow of financial technology startups is still an issue that needs to be discussed.
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