WB21 has announced that it has become the first digital bank to accept bitcoin deposits, allowing customers to use the digital currency to transfer and deposit funds to their checking accounts. This implies that WB21’s customers would now be able to send bitcoin to make real-time account deposits in any of the 18 currencies it offers.
Michael Gastauer, founder and CEO of WB21, said that while a bank accepting bitcoin is “quite unusual”, the move will provide huge benefits to its clients.
“By accepting bitcoin, our customers can instantly transfer funds to their WB21 account from any country in the world. As soon as they send bitcoin to our address, we credit the value in the currency the customer has selected to their checking account. The funds are instantly available on the account and can be sent out by wire transfers or spent with a WB21 Debit Card. The process to convert bitcoin into cash on a bank account is the fastest I am aware of. For us the acceptance of Bitcoin is a great way to support our global roll-out and improve customers fund depositing experience”, Gastauer added.
In order to accept bitcoin and guarantee the highest industry standards, WB21 is using BitPay, the industry’s first and most experienced bitcoin payment processor.
“WB21 is paving the way for some exciting changes in online banking, and their decision to accept bitcoin is a great example of how innovation is changing the finance sector,” said BitPay’s Chief Commercial Officer Sonny Singh. “Consumers with bitcoin don’t have to be limited by the country by country limitations of legacy payments – and now WB21 will allow them greater flexibility for making payments in up to 18 different currencies.”
With more than 700,000 customers, and a monthly payment volume of over 400 million USD, WB21 is a group of Financial Institutions licensed in various countries. It offers real time, online account opening for private and business customers in 180 countries.