Bitcoin is starting to make waves in the banking world, albeit not in a traditional sense. Digital bank WB21 is the first of its kind to accept Bitcoin deposits. With over 650,000 customers, this news could be quite big for worldwide Bitcoin adoption moving forward.
The addition of Bitcoin deposits to WB21 is a significant move, as customers can directly deposit funds to their checking accounts. All of the payments will be handled by BitPay, the world’s leading Bitcoin payment processor. This company has multiple years of experience in dealing with Bitcoin payments, and will be a valuable ally for the digital bank.
WB21 Sees The Value of Bitcoin In Banking
In the world of Fintech and digital banking, innovation is a key factor. WB21 acknowledges the need for various deposit options, and introducing Bitcoin is a smart choice. Thanks to its global appeal, speed, and strongly reduced fraud rates, cryptocurrency deposits seem to be the logical way forward.
WB21 Founder and CEO Michael Gastauer told the media:
“A bank accepting bitcoin is quite unusual, however it makes total sense for us and provides huge benefits to our clients. We are offering instant account opening in 180 countries. The problem some of our clients face is to make deposits if we don’t maintain a local account in their country. By accepting bitcoin, our customers can instantly transfer funds to their WB21 account from any country in the world. As soon as they send bitcoin to our address, we credit the value in the currency the customer has selected to their checking account. The funds are instantly available on the account and can be sent out by wire transfers or spent with a WB21 Debit Card. The process to convert bitcoin into cash on a bank account is the fastest I am aware of. For us the acceptance of Bitcoin is a great way to support our global roll-out and improve customers fund depositing experience.”
It is interesting to note the digital bank eyes debit card solutions that can be funded with Bitcoin as well, similar to other companies active in this space. This will add additional convenience when trying to spend cryptocurrency. Moreover, it looks like Bitcoin deposits will be credited at zero confirmations, which is quite noteworthy.
BitPay also sees the value in what WB21 is trying to do, as the digital bank is paving the way for exciting changes. The merger of digital banking with Bitcoin can provide consumers all over the world with the full set of financial services they are looking for. Moreover, this is another clear example of how banking and Bitcoin can work together, rather than oppose one another.
Source: WB21
Header image courtesy of Shutterstock
