NextBank, World’s First Bitcoin Bank, Halted Crowdfunding, Received $2.35M

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by Zhanna Lyasota · 3 min read
NextBank, World’s First Bitcoin Bank, Halted Crowdfunding, Received $2.35M
Photo: NB Formation Company

The World’s First Bitcoin bank NextBank has recently stopped its public crowdfunding campaign.

NextBank, the first Bitcoin and digital currency friendly bank, has confirmed that it has received $1.4 million in funding for 4% of the company from two venture capitalists from Europe this week. Formerly NextBank has received $0.95 million in private VC investment, bringing the total investment capital to 2.35 million USD.

At the moment, NextBank has stopped the public crowdfunding process. The bank will continue funding through venture capitalist avenues in order to ease the concerns of the public. All those that have contributed small amounts to the $2.35 million fund will be minority shareholders or will be refunded in full.

Looking back, NextBank announced their upcoming launch in October stating “their mission is to provide advanced banking services for Bitcoin and cryptocurrency users worldwide”.

NextBank will offer fiat currencies, digital currencies and precious metals such as Bitcoin, Litecoin, gold, silver, platinum, palladium, GBP and USD on single multi- currency accounts. A single NextBank account will support over 135 currencies and precious metals. Besides, NextBank will enable SWIFT transfers, offer an escrow service and be a fully functional currency exchange. NextBank will offer market competitive rates from 0.2% for the most popular currencies to 0.4% for less popular currencies.

The bank will offer its clients business or private accounts for operations with the use of digital currency. 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.

In the beginning of November NextBank announced the opening of early registrations at its website after receiving $950 000 USD seed capital investment.

Dim Voloshinsky, the founder of NextBank, pledged $600 000 USD personally contributing to the total $950 000 funding. A $330 000 investment was also made by an angel investor in the end of October.

The representatives of NextBank have confidence in an extraordinary future for Blockchain innovation and will contribute in the merge between digital currencies and traditional banking. NextBank will be operational in 2016 and offer digital currency clients worldwide their services. The bank will establish offices in the UK, France, Germany, Spain, China, Malaysia and Russia during 2017.

The NextBank CEO will be Celine Neves, the former CEO of a private bank in Vanuatu, recently sold to foreign investors. Dim Voloshinsky, the founder, head of project and majority shareholder of NextBank, is the director and owner of Instaglobal Limited, the operator of Bitcoins123 has skyrocketed since launch in April 2015 now serving several thousand customers worldwide.

Bitcoin News, Blockchain News, Cryptocurrency News, News
Zhanna Lyasota

Zhanna has a background working for an American multinational food and beverage company as well as at a number of translation agencies serving similar top multinational corporations. She enjoys discovering new cultures as well as learning new languages. She is also a lover of all things fabric and floral ,especially if they are design-related. Zhanna is a graduate of Belarusian State Economic University with a major in Intercultural Business Communications.

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