Bitcoin-Friendly NextBank Receives $1.4 Million, Calls Off Crowdfunding Campaign

November 26, 2015 17:07 UTC

NextBank, which bills itself as the first bitcoin-friendly bank and is slated to open in 2016, announced that it has received $1.4 million for 4% of the company from two venture capitalists in Europe and has called off its crowdfunding campaign. Crowdfunding investors can choose to be minority investors or have their contributions refunded.

CCN reported last month that NextBank received $0.95 million in private venture capital and was accepting early registrations. The new investment brings the total investment $2.35 million USD.

The company will continue to seek funding through venture capital avenues to “ease concerns of the public,” according to a news release.

NextBank also announced it has completed development of its software.

A Bitcoin-Friendly Bank

The company’s primary goal is to provide banking services for bitcoin and cryptocurrency customers globally. Its accounts will support more than 75 currencies and precious metals.

The bank will also offer global debit cards, SWIFT transfers, accounts denominated in both cryptocurrencies and fiat such as USD, currency exchange, an escrow service, and more.

The bank believes block chain innovation will support the merging of traditional banking and cryptocurrencies. It claims it is offering a new banking approach for both private and business users.

NextBank opposes the 3% to 5% fees other banks charge for currency conversion and claims its rates will be up to 15 times lower.

According to the bank’s website, accounts can be opened with a passport, proof of address and a live interview. It also states security will be provided through three-factor authentication.

Also read: Bitcoin projected to be sixth-largest global reserve currency by 2030

Global Ambitions

The bank plans to be operational in 2016 and serve cryptocurrency customers globally.

It plans to provide customer service in more than 25 languages and will have offices in the U.K., France, Spain, Malaysia, Germany Spain and Russia by 2017.

The website further notes the company plans to expand to Asia.

Images from Shutterstock and the Next Bank Project.

Last modified: October 13, 2019 23:51 UTC

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