There have been several attempts in the past to create a Cryptocurrency Bank to conduct transactions in the cryptocurrencies. But most such projects failed either on account of failure to understand the nature of operations of a bank or inability to grasp the legal aspects of banking.
But the group of experts at World Bit Bank claims to have gotten over such issues. Check out this video to understand what they are trying to build:
World Bit Bank’s website carries following as the description of the project:
The World Bit Bank project will create a group of cryptocurrency banks by acquiring existing banks in different countries (USA, Canada, Brazil, Germany, UK, Switzerland, Turkey, India, Japan, Australia) to service cryptocurrency customers.
To deliver the full range of financial services, World Bit Bank will include the following:
- a cryptocurrency exchange;
- a leasing company;
- an insurance company;
- a cryptocurrency fund.
Vitsolutions, LLC has been conducting technical development of the World Bit Bank project and researching innovative financial technologies and the blockchain technology since 2016. World Bit Group which manages the World Bit Bank was established in 2018. It was registered in the EU and holds the Virtual currency against fiat currency exchange license and the Virtual currency wallet service license. (link to pages and screenshots). Being under European jurisdiction, all real and digital assets of investors will have the highest security.
By covering a large portion of the globe, we will be able to provide millions of people with banking services using cryptocurrency in conventional banking operations. Such services include: cryptocurrency loans, use of cryptocurrency in VISA/MasterCard debit cards, easy and cheap transfer and exchange of cryptocurrencies and many more financial transactions we make every day.
If you are still looking for more details, read this White Paper on World Bit Bank.