11 Oct 2018 Josphat Kariuki
Welcome EQIBank - the World’s First Regulated OffShore Crypto and Fiat Bank
The new banking institution allows customers to manage crypto and traditional assets in a single banking system, alongside a range of other services including custody, trading, lending, settlement, and clearing.
EQIBank will be driven forward by a team of former bankers of HBSC, UBS, Credit Suisse, and Bank of New York. The bank holds a license to offer unrestricted offshore banking services in CARICOM while being regulated by the Eastern Caribbean Central Bank. The bank operations are tailored in accordance with the Financial Services Unit regulations.
While the bank is open to institutional investors, corporations, and individuals, EQIBank is receiving customer applications while it awaits the launch of the accounts. The bank is looking forward to launching its crypto exchange in December this year.
In a statement, the CEO of EQIBank, Jason Blick revealed that there is significant market speculation concerning the delivery of the next generation bank that can bridge the gap between national currencies and crypto coins. According to him, EQIBank is the only fully licensed and regulated bank that is already receiving account applications from customers.
Blick also added that the bank is proud to have a full banking license that will allow it to bring progressive banking services all over the world. That comes as a rare occurrence in the banking sector, given that the regulators received over 500 applications between 2010 and 2015, but only three banks were launched in the U.S.
As the first licensed bank to show the potential of blockchain technology, EQIBank incorporates distributed ledger technology to offer an advanced digital platform for traditional and crypto-assets. The bank offers a comprehensive banking ecosystem for anyone looking for a seamless and smart banking solution.
Offering savings and current accounts for corporate and private clients, EQIBank offers card services as well as lending accounts. It’s the first licensed bank to operate an in-house crypto exchange while offering banking services to other partner exchanges. Additionally, EQIBank will offer P2P loans backed up with digital assets and cryptocurrency. Other services will include:
- Vaulting and custody services for digital assets and cryptocurrency
- Offering insured wallets integrated with the bank's online banking infrastructure which includes risk-screening, fraud protection, and transaction alerts.
- Facilitate seamless settlement between crypto and fiat currency through an internal system.
Emerging digital assets and crypto coins are slowly reshaping the banking sector. In the modern financial ecosystem, the potential of many investors is hindered by the lack of a bridge to ease the complexity of multiple relationships with lenders, crypto exchanges, custodians, wallet & vault providers, and banks.
That involves more than ten different touch-points, resulting in an expensive and high-risk process. EQIBank aims at simplifying and securing the banking infrastructure by using a secure, cost-effective, and stable system to replace these fragmented relationships.
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