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November 2018 www.intellinews.com I Page 15
Czech bank claims to be first in Europe to offer cryptocurrency account
IntelliNews Pro
Czech bank Expobank CZ claimed to be the first bank in Europe to provide its customers with a new NEO cryptocurrency account based on the bank´s online platform Expobanking, the bank said on its website on October 29. Alongside traditional banking activities it offers also WBTCB (World Bitcoin Business) transactions.
"Account holders can save the crypto-currency without having to create their own bitcoin wallet and keep the private key. A verified user can trade in above-standard transaction limits and will also always see the current development of bitcoin price,” WTCTB chief at the bank Martin Stransky said.
Additionally, the account will offer new investment opportunities, ranging from precious metals, insurance services by one of the largest insurers Allianz, to supporting start-ups. Investment in start-ups by participating in coin offerings as
well as purchase shares of already established companies will be available through Czech crowdfunding platform Fundlift.cz. Investment will be available directly from online banking.
"We are meeting increasing consumer demands. In particular, the younger generation expects innovation that goes beyond traditional concept of
banking. We are moving in direction of becoming a modern digital platform, where current and savings accounts are no longer enough. The NEO account is the first major step in our gradual digitization and you can now look forward to further upcoming developments that we will be introducing,” said Expobank CZ Board chair Ilya Mitelman.
Prague is one the most crypto-friendly countries in Europe, according to a study published by Fortune Jack, cited by online server kafkadesk. org. The capital is home to more than 150 venues accepting cryptocurrency payments, including the largest online retailer Alza.cz, one of the largest Czech utility companies Prazska Plynarenska (Prague gas company) or Bitcoin Coffee, allegedly the first of its kind in the world where Bitcoin, Litecoin or Monero cryptocurrencies are the
only accepted form of payment. The Bitcoin Coffee is part of the Institute of Cryptoanarchy – Paralelni Polis.
Expobank CZ has operated in the Czech Republic since 1991 as a universal commercial bank offering a complete range of services, with equal focus on corporate, private and affluent individual clients. In 2017 it became the first Czech bank to enter the Serbian market.