Finding a Bitcoin-friendly bank seems to be an impossible task these days unless you live in the UK or Germany. Most people know the name Fidor Bank as being the only Bitcoin-friendly bank in existence, but there is a new kid on the block. NextBank has announced their upcoming launch and they have some interesting tricks up their sleeve.
Also read: New Bit-X Bitcoin Debit Cards Shipping Out
NextBank – Bringing Advanced Banking Services to Bitcoin Users Worldwide
Up until two years ago, no one would have dared use the words “Bitcoin” and “bank” in the same sentence for a positive topic. Bitcoin has always been seen as an anomaly in the financial world, because it is not controlled by banks or governments of any kind. This disruption was supposed to go away after a year or three, yet still, nothing could be further from the truth.
NextBank makes no bones about their intention, as the goal is to offer global advanced banking services for Bitcoin and cryptocurrency users. Not only will there be bank accounts denominated in USD and different digital currencies, but International Debit Cards, escrow service, and much more is planned for the near future as well.
Truth be told, most people get involved in the world of Bitcoin and cryptocurrency to get as far away from banks as they possibly can. Unfortunately, not everything in the world can be paid in Bitcoin, either directly or indirectly. Various countries are entirely dependent on the current banking system as we know it. With the upcoming launch of NextBank, both worlds can come together and create one powerful user experience.
Over the past 18 months, many banks have started showing a keen interest in blockchain technology, which powers the Bitcoin network. All of NextBank’s international services will be based on this technology, creating a frictionless customer experience for all of their offerings.
By lowering the currency exchange fees from 3-5% to 0.2-0.4%, NextBank might be on the right track to give traditional banks a run for their money. On top of that, the plan is to offer multi-currency accounts, which support not just fiat currency, but also cryptocurrency and precious metals balances. According to the press release, both Bitcoin and Litecoin will be supported, as well as gold, silver, palladium, and platinum.
Furthermore, NextBank seems to be taking their global expansion plan very serious, as officials have indicated support will be available in over 50 different languages. Keep in mind this will not just be for online support, but bank managers will be able to help most customers in their native language as well.
Speaking of bank managers, NextBank wants to open seven offices worldwide by the end of 2016. Locations such as Malaysia, UK, Spain, China, France, Russia, and Germany are all on the list right now, although no further details have been announced just yet. As you would come to expect, opening an account is still subject to verification procedures, although a passport and utility bill scan will be sufficient in most cases.
A Strong Competitor for Fidor Bank?
NextBank offers a little something for every individual Bitcoin community member. That being said, they will also bring strong competition for Fidor Bank, especially in the UK and Germany. Do keep in mind this is assuming NextBank can deliver on their promise and roll out the service as advertised in the press release.
Regardless of potential competition, it is good to see more players thinking along the line of providing somewhat traditional financial services tied to Bitcoin and the blockchain. If traditional banks want to develop their own in-house products – and they should – chances are they will not be the first ones to make this technology accessible to customers around the world.
Source: Bitcoin PR Buzz
Images courtesy of NextBank, Fidor Bank