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Cryptocurrency

Czech Bank Launches Crypto-Friendly Services

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The Czech Republic is taking steps towards making their businesses and banks more affiliated with cryptocurrency and provide the same services to the public. One of the commercial banks called Expobank CZ is launching cryptocurrency-friendly services online which will be available for their customers alongside the traditional financial features.

The banks claim to be Europe’s first bank for offering the cryptocurrency users to get a chance to operate the transactions related to cryptocurrency along with traditional banking activities. Expobank CZ says that its customers will be trading cryptocurrency, invest in startups as well as buy coins with these online accounts.

The platform is called Neo, based on the online banking platform of Expobanking, where it allows the users to have complete control over their financial activities, including cryptocurrency-related sector, reports the Prague Express.

Cryptocurrency services were made possible by the bank, with a partnership agreement with two crypto-related companies. The partnership with Wbtcb helped the bank to offer BTC investment and transaction services for its users. According to the local news report, the press release statement clarifies that to get crypto services, users will not have to make a separate account or wallet for it.

However, the higher transaction limits will only provide for the account holders verified by the bank officials. As a result, the new report suggests that the customers of Expobank will be provided various investment opportunities through the new platform to the crypto industry.

The second partnership is between the bank and Fundlift, Czech Republic’s largest crowdfunding platform. Therefore, the clients of Expobank will grant access to the platform for investing in crowdfunding sources. As a result, investors can invest and support fintech startups with initial coin offering participation and purchase shares of recognized firms.

Neo platform will provide the clients to invest in precious metals, such as the gold and silver coins produced by the Czech Mint. It should be noted that sales and purchase of gold are excused from taxation in the Czech Republic.

Moreover, the bank gives users access to insurance services by Allianz, one of the largest insurers of the region, where the clients can purchase insurance policies from their accounts. The bank’s partnership agreement with established companies is the reason behind the encouraged use of the platform and holding access to several benefits.

It should not be surprising, because a recent study carried out Fortune Jack, names the Czech Republic as one of the most cryptocurrency-friendly destinations in Europe. It is also entitled as one of the best cities to spend digital coins, says the study.

Margi Brambhatt

Margi has done diploma in Mass Media & Journalism. She has previously worked as a freelance reporter for various famous Finance media platforms. When she is not writing or editing others reports, you can find her engulfed in reading books. She believes in reporting content which is 100% well researched. You can also mail her at [email protected] to discuss anything related to her reports.
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