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Friday, 23 August 01:32 (GMT -05:00)



Foreign exchange market

World Bit Bank Names Crypto Bank’s Key Goal and Prospects


The world’s first crypto bank – The World Bit Bank (WBB) – has reported about obtaining two major licenses, which are going to lay the foundation for providing authorized cryptocurrency-related services.
 
What do these EU licenses mean to the crypto bank’s activities?
 
Banking business is a specific area in global finances with increased responsibility, The World Bit Bank experts say. That’s why there is nothing surprising about the fact that the process of founding and legalizing a bank is rather long and complicated.
 
Any international or local financial regulator will issue a license only after thoroughly checking all the documents provided by the applicant. The regulator’s key requirement is the compliance of the bank’s possibilities and intentions with the national or international law and the watchdog’s regulatory documents.
 
As for The WBB, the situation got even more complicated since the regulators had to deal with using cryptocurrencies in conventional banking operations (credits, financial transactions, currency exchange etc.) for the first time. According to Mattia Rottaggi from Crypto Valley Association (Switzerland), the legal side of the matter is the very thing that is going to lay the foundation for the new future of digital currencies. So, everyone knows how important it is to do it.
 
This is one of the reasons why the WBB team was so proud to announce that they had obtained the first two licenses. These are significant documents from an international regulator allowing the bank to manage crypto assets and render related services to crypto holders.
 
The first license – Virtual currency against fiat currency exchange license – gives the bank the right to offer the client a virtual currency wallet (an e-wallet). The second license – Virtual currency wallet service license – allows the bank to exchange cryptocurrencies for fiat money.
 
The next stages of developing the EU’s first cryptocurrency bank
 
This was the first item on the list of the bank’s business plan. It was successfully completed by the Wibcoin developer team in time. Now the team is going to proceed to the next steps through revealing the business plan:
- Wibcoin pre-ICO – late April 2018
- developing, testing and putting into operation the software and tools backing the cryptocurrency transactions.
- ICO to collect enough money to develop an international banking network.
- acquiring 9 functioning banks in Europe, North and Latin America, Asia, Japan and Australia and rebranding them to make them a part of the WBB network.
 
On top of that, the Word Bit Bank project implies creating a complete closed cycle of cryptocurrency services, which is why The WBB will also expand at the expense of a crypto exchange, crypto fund, insurance and leasing companies. Such a financial holding will make it possible to serve international customers in a comprehensive, efficient, and secure manner.
 
According to Robert Kiyosaki, we are slaves to our habits. So, if we change our habits, our lives will definitely change as well. What are the major achievements of such international brands as Google, Apple, Facebook, Tesla, Bitcoin, Ethereum and others? They gave people some freedom by letting them break away from their old habits and opening new horizons for them.
 
What’s offered by The World Bit Bank? The same “revolution” in using cryptocurrencies by moving their usage by millions of miners and investors to the legal side, with legal assurance and guarantees offered by a European bank.
 
According to Masterforex-V Academy experts, this is a decent and wide-scale idea. Obtaining major banking licenses by The World Bit Bank is the world’s first officially documented success in this field. This testifies to the right choice made by the founders as well as a lot of big steps made in the right direction. These licenses give the Wibcoin investor certain guarantees and show that the wbb.io team has been good at sticking to the plan.
 
In order to fulfil those ambitious plans, the WBB crypto bank is yet to complete hundreds of current tasks to persuade the community that the team has been moving closer to reaching the goal step by step, which means that the Wibcoin token will grow in value
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Extra info on The World Bit Bank
How to become a European bank co-owner?

 

 

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