Brazil launched Pitaia Bank as the first digital bank which is purely based on blockchain Technology. Trading Bitcoin and fiduciary currencies like the Brazilian Real will be operated in this bank. This may develop a few more regulations in the market as well as few more banks getting into cryptocurrency world. Blockchain Technology makes transactions faster, cheaper, and safer than the traditional model. Merchants, throughout the country, can now trade digital assets using the bank’s crypto services.
Pitaia Bank is the purely online bank which has no physical location. It is offering the same services as other traditional banks. According to CEO Simone Abravanel, “Today, we launched the first Brazilian Digital Blockchain Bank for Bitcoin transactions. Pitaia Bank did take a major step towards the adaption of cryptocurrencies in Brazil.”
Pitaia Bank will offer direct investments in cryptocurrencies such as Bitcoin (BTC) soon.
Malaysia wants to launch the world’s first physical blockchain bank. This project is being launched as cooperation between CGCX.io, the Archipelago Group, and IBH Capital with the aim to bridge the gap between the traditional and the crypto-investment world.
Singapore-based crypto company CGCX.io is taking responsibility for the technical part, and it is offering a crypto exchange with a vast range of services.
Anandh Swami, CEO of the company, commented, “Unlike most exchanges that offer only cryptocurrency trading, CGCX.io is setting itself apart in the distributed ledger technology (DLT) field by providing five platforms rolled into one to offer a wide variety of services to its customers.”
Malaysian insurance group Archipelago will provide security of blockchain bank operations. IBH Capital takes care of investment and asset management. The managing director of IBH Capital, Howard Choo, explained the reasons behind the merger, “Today, we do business in a fast-paced marketplace characterized by constant changes. But the more things change, the stronger our commitment in upholding our core approach— building value for our investors by staying true to our client-focused approach; sound and sustainable investment approach through industry expertise and thorough analysis.”
The investment bank will be located in Labuan, Malaysia. First, CGCX.io will invite all parties to join the community, but IBH Capital and Archipelago have not announced any project details on their website.