Czech Republic Expobank CZ Opens Cryptocurrency Trading And Investing Services
Expobank, a commercial bank from the Czech Republic is set to introduce cryptocurrency transactions that will combine with conventional financial features in their online services. The bank says its customers will get the opportunity to trade their cryptocurrencies, invest through crowdfunding and even buy precious metals using their accounts.
Expobank CZ further touts itself as a one of a kind service that would see account holders participate in crypto-related functions. And as Prague Express reports, there will be full access and control over the crypto funds just like the rest of the financial activities.
In the press release, Expobank CZ names their new service to its customers as NEO and will be available on the bank's online platform. The facility would offer complete financial oversight for the customers with additional investment opportunities with the growing crypto industry.
The NEO service by Expobank does stem from the recent partnership showcased by the Czech-based bank and cryptocurrency ventures. Recently, Expobank has taken the liberty to sign up an agreement with WBTCB, a crypto investment firm for client services. The collaboration would see Expobank account holders get the chance to transact and invest in BTC.
Expobank's partnerships also feature an agreement with commemorative coin and metal manufacturer, Czech Mint. The mutual collaboration between the two firms would allow Expobank users to purchase gold, silver, and other precious metals with a tax-exempt available. And to top it's all off; Expobank’s additions would see users get access to an array of insurance services that will be available thanks to a partnership with Allianz. As one of the biggest insurance providers in Czech, the capability will see much-improved support for crypto startups.
Another significant gain for Expobank's clients will be the access to investment opportunities in the form of startups thanks to the collaboration with Fundlift. The firm is one of Czech's largest crowdfunding platform, and as another partner of the bank, it would encourage much more support for Fintech support. Investors would get the chance to participate in Initial Coin Offerings (ICOs) or purchase shares of established firms.
What's Different With Expobank?
Also to providing crypto-related services, Expobank also looks to set itself with investment opportunities in the crypto industry. Account holders are granted full access to their crypto funds and can choose to invest in ICOs, shares, metals and insurance services, straight from their accounts. Fortunately, all these functions would not need the user to create a separate cryptocurrency wallet. However, the transactions are subjects to limits with high amount requiring account verification.
The Force Behind
The adoption of cryptocurrency by firms’ especially financial institutions like Expobank goes to show the growth on a much broader scale. For instance, the Czech Republic is said to be among the most accommodative destinations to using cryptocurrency in Europe and Expobank is just an example of the over 150 venues and firms accepting cryptos in Prague alone. Still, there is much bureaucracy to overcome before regular banking becomes operational of the Fintech and crypto sector.