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Digital Bank WB21 Enables Bitcoin Deposits

Last Updated March 4, 2021 4:49 PM
Samburaj Das
Last Updated March 4, 2021 4:49 PM

WB21 will be the first digital bank to accept deposits in bitcoin from customers looking to transfer and deposit funds into their checking accounts.

Customers of digital bank WB21 will now be able to use bitcoin to transfer and deposit funds to their checking accounts. The bank has over half a million customers around the world, enabling them to make real-time deposits from bitcoin transfers into 18 local currencies currently offered by WB21.

WB21 will be using leading bitcoin payment processor BitPay to enable the feature. In essence, it is very likely that customers will be able to deposit bitcoin with zero confirmations, quickening the process to gain funds into their checking accounts.

For a digital bank, accepting the biggest cryptocurrency of them all was a relative no-brainer.

“A bank accepting bitcoin is quite unusual, however it makes total sense for us and provides huge benefits to our clients,” stated WB21 founder and CEO Michael Gastauer.

Gastauer highlighted the advantages of accepting a cryptocurrency that scales beyond borders and regulatory hurdles.

The problem some of our clients face is to make deposits if we don’t maintain a local account in their country. 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.

These funds are available instantly in the customer’s WB21 account, which can then be transferred via wire transfers or used to load up a WB21 debit card.

He further added:

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.

While not a “legacy” bank, WB21 is still a licensed financial institution with a monthly payment volume of over $400 million transacted by some 700,000 customers across 180 countries. Accepting digital currencies and innovation shows that banks and bitcoin can co-exist and make for better banking for individuals.

Featured image from Shutterstock.