The new services include international debit cards, accounts supporting both fiat and digital currencies, escrow service, SWIFT transfers, currency exchange and many other services. The funding began in October 2015.
NextBank is known for being the globe’s first bitcoin-friendly bank, as it believes the cryptocurrency technology has a great potential.
Unlike other banks that charge up to 5% for currency conversions, NextBank charges from just 0.2% to 0.4%. The users’ accounts will support precious metals and more than 135 currencies, including bitcoin, gold, platinum, silver, palladium, USD, EUR and GBP. Moreover, the clients will be able to utilize their accounts for free within 60 months.
In order to serve its customers from different countries, NextBank made its services available in over 50 languages. The new platform is projected to be launched in the bank’s offices in the UK, China, France, Germany, Malaysia, Russia and Spain.
With the new platform, NextBank intends to simplify the use of financial services for bitcoiners. For operations with the use of digital currency, the bank will offer its clients business or private accounts.
The registration process will take less than hour and a half. The users will have to complete an application form and provide photocopies of their utility bill and a passport. After uploading their documents, the customers will have to pass through a virtual interview that will take up to 15 minutes.
NextBank allows investors to become a bank’s shareholder by offering stock shares at a price of $100. Investors will obtain 1/250000 of the bank’s revenues and will be paid in bitcoin or fiat currencies. Besides, NextBank will offer multiple benefits for shareholders, including priority account opening, priority application processing and 5 years of free banking.
The platform will become available in 2016.
However, NextBank is not the only financial institution interested in the bitcoin technology. Last month, it was reported that the world’s nine biggest banks, including Barclays, JP Morgan and Goldman Sachs, are considering adoption of the blockchain technology to drive its use in the financial segment.
The banks have already commenced testing the technology, which provides a high level of transparency and reduces the risk of fraud. Meantime, some banks, including UBS and Barclays, are working with bitcoin startups to develop their own blockchain systems.