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Wifi Sharing Platform Wicrypt Gets Government Grant in Nigeria

01/01/2020 by Idelto Editor

A crypto startup providing wifi hotspot sharing services in Nigeria has won funding from the country’s telecom regulator. Wicrypt placed second among 25 tech companies participating in an innovation competition organized by the Nigeria Communication Commission and it’s going to receive a grant worth 2 million naira to finance its project.

Also read: Skrill Now Lets You Swap BTC for BCH

Wicrypt Users Can Earn and Spend Crypto

Wicrypt allows subscribers to earn money by sharing their mobile data with other users who pay for the service. The platform’s app has been developed for Android and iOS devices and is already available on Google Play and Apple’s App Store. Hosts can connect their wireless routers to Wicrypt as well and set a price for the wifi hotspot. Clients pay to gain access but are also free to reward the hosts for the network quality and speed.

To connect to Wicrypt hotspots, wifi users need to have a sufficient amount of Wicrypt credits (WCs), the platform’s website explains. The application verifies if a beneficiary has enough credits in their wallet to pay for the service. WCs can be acquired and redeemed with a wide choice of payment methods available to both sides. Ugochukwu Aronu, founder of the company based in the Nigerian state of Enugu, commented:

Wicrypt will help Nigerians earn money online using and sharing their mobile data.

The payment options include regular bank accounts and cards as well as crypto payments with bitcoin core (BTC), ethereum (ETH) and Binance coin (BNB). Deposits and withdrawals can also be made through the Kenyan mobile phone-based money transfer system Mpesa. Text-based payments offered by telecom companies are quite popular in African countries. These provide an opportunity for crypto payments to expand in developing nations, as is the case with Cointext, which provides users with a bitcoin cash wallet and an SMS channel to send and receive BCH.

Wicrypt has been chosen to receive 2 million naira in funding, which is more than $5,500, as a grant from Nigeria’s telecom regulator. Dozens of technological innovators took part in the three-day Innovation Competition and Exhibition conducted by the Nigeria Communication Commission. The NCC recently released the final list of 25 contenders and Wicrypt is second in the rating, the Nigerian Investment Promotion Commission (NIPC) announced. The companies that received government grants can invest the prize money into their business development.

Other Funding Programs Launched

The NIPC also notes that the Lagos State Government recently launched a 250 million Nigerian naira seed funding for startups focusing on innovations, including in the blockchain and other fintech fields. The initiative was announced by Governor Babajide Sanwo-Olu during the Art of Technology Lagos 1.0 conference held in early December with over 1,500 young innovators and tech solutions developers. Funds were also distributed among blockchain startups during another event, the Zenithtech Fair 2019 in November.

These funding projects may indicate a change in the attitude of Nigerian authorities toward the nascent crypto industry, at least on a regional level. The federal government has generally had a negative stance regarding the blockchain space so far, with the Central Bank of Nigeria issuing warnings against investment in cryptocurrencies which it does consider legal tender in the country. Nigerians, however, have been growing fonder of digital coins.

According to a study conducted by Binance Research, the trends in Google searches for “bitcoin” have noticeably shifted in the past few years, from the developed West to the East, including regions in Eastern Europe and Asia, but most recently on the African continent. A video with the results released this past fall shows that Nigeria has been topping the chart for a whole year until September 2019.

Do you think the Nigerian government is changing its policy toward the crypto space? Share your thoughts on the topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any third party products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock.

Are you a Bitcoin developer? You can create your own Bitcoin Cash app with the Bitbox and Badger Wallet SDKs, get started with BCH tokens through the SLP SDK, and build your knowledge base with our Bitcoin Cash developer guides.

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German Fintechs Rush to Offer Crypto Custody Services Under New Law

12/12/2019 by Idelto Editor

Fintech companies in the Federal Republic are quickly moving to develop and offer custodial solutions for digital assets under the new German legislation that will allow banks to store, transfer and trade cryptocurrencies next year. Berlin-based Solarisbank has established a subsidiary that will focus exclusively on the niche. The new entity and another German startup, Finoa from Potsdam, are planning to apply for new crypto custody licenses.

Also read: Skrill Now Lets You Swap BTC for BCH

Solaris Digital Assets to Apply for Bafin License

As an important partner of crypto companies in Germany and Europe, Solarisbank aims to be among the first financial institutions in the Federal Republic to start keeping cryptocurrencies. The tech company maintains a digital banking platform to which other businesses can connect and use its API to build and offer their own financial products and services. It obtained a German banking license in 2016 which allows it to operate also in other jurisdictions in the European Economic Area (EEA).

Solarisbank has been involved with important projects in the European crypto space such as the development of the crypto trading app Bison and the launch of the digital asset trading platform BSDEX by the Boerse Stuttgart stock exchange. Its partnership with cryptocurrency banking provider Bitwala allows customers in 31 EEA countries to have a German bank account with an integrated bitcoin wallet. The new subsidiary which was presented Wednesday will allow it to take full advantage of the new German anti-money laundering law permitting banks to hold cryptocurrencies.

Solaris Digital Assets will offer crypto custody services in compliance with the regulatory requirements of Germany’s Federal Financial Supervisory Authority (Bafin), the leading German business daily Handelsblatt reported. To be able to do so, the entity is going to apply with Bafin for one of the newly introduced licenses for custodial activities in 2020. Cryptocurrency storage solutions will be the new company’s main product at the initial stage but the subsidiary plans to expand its offerings in the future. Michael Offermann, Managing Director of Solarisbank’s Blockchain Factory, told the newspaper:

We have been working intensively on crypto custody for a year and a half. With the new regulation, a good time has come to start. After all, we are not a research institute but a commercial bank.

Bringing Fundamental Change to the Financial Market

According to the publication, Solarisbank will remain true to its well established approach to provide white label solutions. The company will offer the new service only to other financial institutions and business clients while private customers will not be able to open a direct account with the Solaris Digital Assets subsidiary. “So far, we have done well with our focus on business customer offerings. Our partners keep in contact with end customers and that should remain so,” Offermann stressed.

The Solarisbank executive believes that digital assets will fundamentally change the financial market. “As soon as the purchase and safekeeping of bitcoin and company becomes easier, we expect strong growth,” he added. Michael Offermann described the decision to create a separate entity instead of offering crypto custody directly through Solarisbank as a good move in case the regulatory environment in Germany changes again.

Since its establishment about three years ago, the fintech company has more than tripled its revenues to €7.4 million in 2018. At the end of last year, Solarisbank’s balance sheet totaled €120 million, Handelsblatt remarks. Its success is part of the rapid development of the crypto banking sector in the past few months and years that led to the introduction of a variety of new services in the space. Platforms like Cred, for example, offer bitcoin enthusiasts an opportunity to earn up to 10% on their BTC and BCH holdings through custodial services.

Another German startup that’s been working on a new crypto storage product is the Potsdam-based Finoa, which already operates as a crypto depository and claims to be serving over 50 professional investors. The company hopes to receive a provisional license from Bafin around the end of the year and, like Solarisbank, is going to apply for a full crypto custody license in 2020.

Do you think we are going to see more crypto custody services in Europe following the adoption of the new German legislation? Share your expectations in the comments section below.

Images courtesy of Shutterstock.

Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card.

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Popular Smartphone Apps Are Adding Crypto Capabilities

20/09/2019 by Idelto Editor

News of Japan messaging giant Line’s September 17 launch of an app-connected crypto exchange is captivating lots of attention in the crypto and tech industries this week. Other initially non-crypto apps are also entering the market, adding native tokens, tipping functions and cryptocurrency wallets, illustrating a growing trend toward mainstream crypto acceptance and awareness.

Also Read: Taxation Isn’t Just Theft – It’s Bad for Crypto Adoption

Naver’s Line Launches Built-In Crypto Exchange

For almost anyone living in Japan, or Asia in general, popular messaging app Line is a household name. Line was launched in Japan in 2011 by Korean search engine company Naver Corporation, in the wake of the Tohoku earthquake and tsunami. The tech was a byproduct of improvised communications during telecommunications infrastructure damage resulting from the disaster.

Line’s freeware app began as a rather simple service, but exploded in popularity soon after, evolving from a simple SMS for sending cute stickers and chatting, to a digital wallet, video on-demand, digital comics and games juggernaut in the Asian market and beyond. Just this month, the expansive trend has taken new ground with the launch of Bitmax, an app-connected cryptocurrency exchange featuring five digital assets: BCH, BTC, ETH, XRP, and LTC. Line is also in development of its own native crypto token, called Link (LN), currently exchangeable for Line points. According to the Link website:

LINE Token Economy is centered around a single token, our general-purpose coin LINK … A single-token economy can make the overall ecosystem more dynamic and stable, and because dApps contribute to the economy, they can grow with it.

Telegram Is Getting Tokenized

Though still cloaked in relative mystery, chat app Telegram’s upcoming Ton network (Telegram Open Network) and native token gram are nevertheless causing a buzz in the cryptosphere. The source code has already been released and testing of the network began in April. Slated for an October 31 launch, the 200 million+ monthly active users of the platform are looking forward to seeing the company put the $1.7 billion it raised via a 2018 token sale to full use. The network is set to operate utilizing a proof of stake (PoS) system, and with the rising popularity of the app in private communications and business applications / team-building functions as well, big waves will likely be made should Telegram deliver.

Tipping bots for BCH and SLP tokens have been added to Telegram as well, making the platform that much more compatible with crypto culture.

Rakuten Wallet

As news.Bitcoin.com reported last month, the “Amazon of Japan,” Rakuten, has now launched its own crypto wallet, featuring BTC, ETH and BCH. Like Line, the company is providing a fiat on-ramp with promise of exposing legions of neophytes to the world of cryptocurrency and crypto spot trading. Though Rakuten has many apps, the addition of Rakuten Wallet is indeed unprecedented thanks to its connection to the popular Rakuten Bank app. In an August 19 press release, the company describes how it works: “In order to provide customers with safe and secure crypto asset transaction services, Rakuten Wallet separates money deposited by customers (customer assets) from the company’s own funds, managing the assets (trust maintenance) in trust accounts provided by Rakuten Trust Co., Ltd., the trust company of Rakuten Group. Rakuten Trust manages those trust assets through Rakuten Bank, Ltd. savings accounts.”

Cash App

A popular U.S. app to “go crypto” in recent years is Cash App. The mobile payments service originally launched as Square Cash in 2015, and added bitcoin functionality in January 2018. July was a record-breaking month for the app, with a reported 2.4 million downloads. Talk was rampant of the Square service eclipsing competitors like Paypal’s Venmo, and many speculate that the addition of BTC functionalities and growing crypto-interested user base had something to do with this.

Square was founded in part by CEO of Twitter and BTC maximalist Jack Dorsey, so it’s not surprising the app doesn’t support other tokens. With the current atmosphere of increasing adoption, however, the calloused maximalism may come back to bite, should Square turn a blind eye to increasing user adoption of coins like bitcoin cash, and major players in the crypto altcoin world.

Facebook’s Libra as Mainstream Coup de Gras

For those that can remember the antiquated days when Facebook was only available to college students, and there were no moms, dads, or aunt Sallys on there sharing pictures of birthday cakes, the thought of a mobile app (not even a common concept at that time) dominating the world and featuring a cryptocurrency (bitcoin didn’t even exist yet) would have been somewhat mind-boggling. Fast forward to 2019, and the world’s most downloaded app and most popular social media network is now pushing to bring a new crypto payments system to fruition, called Libra.

With significant opposition from governments like the U.S., France and Germany, the Switzerland-based initiative to enable a “more inclusive global financial system” is struggling to gain regulatory approval. Normally such potential legal embattlement would signal the end of a project before it begins, but with Facebook’s roughly 2.4 billion monthly active users, and a mega battery of state-entrenched corporate power in the Libra Association, regulators and lawmakers are being careful not to shoot themselves in the foot too fast. As the Libra currency would not be a true crypto in the sense of bitcoin, being completely centralized, and thanks to the fact that project leaders have already expressed interest bending over backwards for regulators, some speculate the current “battles” are little more than show for the media. Whatever the case, the apple cart of global finance could definitely be upset.

Crypto adoption has extended now even to the world of the mainstream app, so it’s not reckless to wager the trend will grow like wildfire in today’s attention economy. After all, folks are with their smartphones 24/7, and electronic payment systems have become an everyday reality. For those looking to maintain the original vision of peer-to-peer, permissionless and private cash, however, these apps will likely be utilized in combination with more private platforms, which afford users financial autonomy in transaction. The Twitters, Facebooks and Rakutens of the world are by nature more interested in collecting user data than they are in privacy, so this stands to reason. Still, the convenience is alluring, and the apps-gone-crypto narrative seems charged and set to expand into the future of crypto adoption.

What are your thoughts on established apps adding crypto functionality? Let us know in the comments section below.

Images courtesy of Shutterstock, fair use.

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Developer Reveals Token Reward Platform Fueled by Bitcoin Cash

12/09/2019 by Idelto Editor

Developer Reveals a Token Reward Platform Fueled by Bitcoin Cash

There’s a new crypto platform called Honeypoints that just released for beta testing on Apple’s Testflight. The digital currency application created by two former Bitcoin.com employees aims to fuel merchant adoption with loyalty rewards. The Honeypoints app is meant to stimulate retail acceptance by rewarding customers with unique crypto tokens when they make a purchase or show loyalty.

Also Read: SLP Developers Publish Specs for a Unique Type of Non-Fungible Tokens

Honeypoints: An SLP Token Reward Platform Built on the Bitcoin Cash Network

Last week at the Try Swift conference in New York, former Bitcoin.com software engineer Jean-Baptiste Dominguez unveiled a new crypto-based rewards application powered by the Bitcoin Cash (BCH) chain called Honeypoints. The latest SLP project was also designed by Bitcoin.com’s former developer Alfonso Rocha, and both cofounders aim to “make cryptocurrencies available to everyone.” The new application is currently in beta for iOS devices and the Honeypoints team plans to launch worldwide on Sep. 30. Basically, the Honeypoints platform acts as a crypto wallet that allows users to store BCH and Simple Ledger Protocol (SLP) tokens. But the application’s main feature allows anyone to construct a loyalty program that rewards patronage with SLP token rewards. At the Try Swift conference, attendees got their first glimpse of the powerful SLP protocol combined with BCH and Dominguez told the audience how retailers and brands can create Honeypoint reward programs.

“We empower businesses and individuals to retain their customers through a crypto-currency reward token — Coming soon,” the honeypoints.cash website reads.

After creating a custom Honeypoints card system merchants can reward crypto tokens to customers who make purchases in-store or online. Retailers and brands could also reward patrons who share social media posts on Twitter, handle a specified task, and even be rewarded for simply visiting a website. Dominguez and the Honeypoints team hopes to see the SLP token system mature greatly with tokenization bringing the same value to the table as it did with Ethereum. While demonstrating the new platform, Dominguez told the Try Swift attendees that “you don’t need a development team to have your enterprise-grade system for your most loyal customers.” The software engineer added:

We don’t want anybody to be confused or scared by the concept of cryptocurrencies. We just want them to enjoy the benefits of the technology. Everything that we’ve done, from the concept to the app itself, is designed to be useable for everyone instantly.

Developer Reveals Token Reward Platform Fueled by Bitcoin Cash — Software engineer Jean-Baptiste Dominguez at the Try Swift event in New York.

Testing Honeypoints Beta Version

Using the Honeypoints application is intuitive for anyone who has used a crypto wallet before, but it’s also simple enough for crypto newcomers as well. The wallet side of the app can store send and receive BCH, alongside the ability to store SLP tokens in a noncustodial fashion. Honeypoints uses a four-digit PIN to secure the wallet and a mnemonic seed phrase for backup and restoration purposes. The PIN is needed if you want to access the mnemonic’s 12-words and initiate a wallet restoration process as well. Right now, the beta wallet shows you balances in BCH and SLP tokens and also lets you purchase BCH for gas. If someone randomly sends you a token to your Honeypoints wallet, you can choose if you want to add it to the wallet’s balance or not. On the bottom right there’s a compass icon that says Discovery which shows how people can earn reward tokens by tweeting something from their Twitter account or handling another task. For instance, on the Honeypoints beta version, there’s a “Spice Must Flow” task available and if you share a meme from the Spicefeed on Twitter you get 200 spice.

The beta version also gives you the ability to forge a new SLP token from the wallet interface by pressing the “Create token” tab. You can customize the SLP token’s name, ticker, quantity, number of decimals, tether a document URL, and choose if the minting baton will be active or not. Just like the rest of the SLP applications out in the wild today, a small fraction of BCH (gas) is needed to create tokens and send them as well. The Honeypoints beta release from Apple’s Testflight also allows users to toggle between the BCH livenet and testnet.

‘Bitcoin Cash Development and Awareness Is at an All-Time High’

The SLP ecosystem has become very popular since the summer of 2018 and there’s a whole universe of ideas and token projects in the making. There have been thousands of SLP tokens created onchain and developers have even figured out how to create nonfungible SLP tokens and pay BCH dividend payments to token holders. At the Try Swift event in New York, Dominguez exposed the benefits of SLP tokens fueled by the BCH chain to a global audience.

HoneyPoints is now in public beta. 🐝 Get crypto rewards from your favorite places by downloading the iOS beta from: https://t.co/423Zw42SNQ pic.twitter.com/YWnGWCFznr

— HoneyPoints (@honey_points) September 7, 2019

The Honeypoints founders believe the demonstration has shown attendees a real-world use case that leverages cryptocurrency solutions. The Honeypoints engineers explained in a press release on Sep. 12 that the team chose BCH because it’s “20X cheaper” than using token systems that stem from Ethereum. “Recent tests of the Bitcoin Cash blockchain also proved that it can handle more transactions than Ethereum while keeping its costs low,” the press release highlights. Moreover, the startup emphasized that a Honeypoints token rewards system is friendlier to the environment than creating paper rewards programs.

Seeing the SLP system mature significantly, and after the Bitcoin Cash City conference in North Queensland, Australia, the Honeypoints creators Dominguez and Rocha believe “Bitcoin Cash development and awareness is at an all time high.” To them, it’s the perfect time to launch the crypto rewards platform and the team is currently onboarding their first retailers and brands via the Honeypoints beta Telegram group. You can follow the Tokyo-based startup’s Twitter page for upcoming announcements on when the application launches at the end of the month. SLP platforms are appearing left and right these days, and the rewards system is another token project built using the BCH chain in a unique manner.

What do you think about the Honeypoints application? Let us know what you think about this application in the comments section below.

Image credits: Shutterstock, Honeypoints, Pixabay, and Twitter.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Cash Block Explorer tool? Our block explorer can also search the SLP universe of tokens too. Simply complete a Bitcoin Cash or SLP token address to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

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Crypto Banking Expands With Positive Interest Rates and New Services

09/09/2019 by Idelto Editor

Banking, in the traditional sense of the term, has become a financial burden for account holders in regions where the era of subzero interest rates has already set in. European nations like Sweden, Denmark, Switzerland, and Eurozone countries have been in negative territory for some time, and banks there have started passing the burden to corporate and private clients. However, businesses and savers don’t have to put up with losing money as the expanding banking services in the crypto space come with much better conditions, including positive interest rates.

Also read: Major Swedish Bank Orders Negative Interest Rate on Euro Deposits

Bank Accounts With Bitcoin Wallets in 31 EEA Countries

With the number of cryptocurrency users growing constantly, the need for dedicated digital asset banking naturally increases too. Currently, companies specializing in this niche are actually offering better terms to their customers than traditional financial institutions are able to provide within the fiat system. Of course, it remains to be seen if they will maintain the competitive edge once demand for their services expands significantly.

Germany, the leading EU economy, is now witnessing a backlash against low and negative interest rates. Politicians from different factions have expressed support for an initiative to outlaw punitive interest on deposits of up to €100,000. With negative rates imposed on them by the European Central Bank, ordinary German savers feel like they are once again paying the bill for the rescue of the common currency, the euro. And the ECB is preparing for a new rate cut to an all-time low of -0.50% this month.

Cryptocurrencies are an alternative to fiat money in many respects and they are likely to attract more attention as clouds continue to gather over the world economy a decade after the global financial crisis and the birth of Bitcoin. And while some have warned crypto companies probably shouldn’t try to become the banks of a new financial era, there are also reasonable arguments that in many cases they can actually provide better services based on the strengths of decentralized digital currencies.

Berlin-headquartered Bitwala has established itself as a crypto banking and payment provider in Europe. Towards the end of last year, the company announced it’s offering customers bank accounts with Ibans through a partnership with Solarisbank, a licensed financial institution operating under the oversight of Bafin, the Federal Financial Supervisory Authority of Germany. Deposits up to €100,000 will be protected by the German deposit guarantee scheme. The bank accounts come with a bitcoin wallet and a free debit Mastercard for payments and withdrawals, as news.Bitcoin.com reported.

Bitwala recently launched a bitcoin banking app for iOS and Android. The company explained that residents of the European Economic Area, all EU countries plus Iceland, Liechtenstein and Norway, can open a German bank account that comes with an integrated BTC wallet and start trading on their smartphones. The onboarding process is now fully integrated into the mobile application and opening a new account takes only a few minutes. The platform uses video identification and EEA residents are required to provide a valid national ID as well as a proof of address. In a statement issued in August, Bitwala Chief Technical Officer Benjamin Jones noted:

Once you have an account, you can seamlessly integrate your daily banking activities – whether in bitcoin or euro – into your everyday life.

Bitwala users can buy and sell cryptocurrency directly from their bank account with a low 1% fee charged per trade. The multi-signature wallet also allows them to transfer bitcoin on a peer-to-peer basis with friends and family. Transactions can be authorized by using biometrics. The company assures customers that in order to protect their coins in the Bitwala wallet, the private keys will remain in their hands.

BCH Users Can Now Spend Crypto via Apple Pay and Samsung Pay

Zeux is another fintech company that provides banking solutions for both digital and traditional currencies. It recently launched its new Zeux app for Android and iOS devices and introduced bitcoin cash into its ecosystem. The cryptocurrency is now listed on its mobile app which allows crypto users to pay with BCH via Apple Pay and Samsung Pay. The listing will help bring cryptocurrency into everyday life, Zeux explained in an announcement published on Medium.

The banking platform noted that Bitcoin Cash provides peer-to-peer electronic cash transfer at low fees and high security, thereby fulfilling the original promise of Bitcoin. Bitcoin.com Executive Chairman Roger Ver welcomed Zeux’s effort in adding more utility to BCH holders and the whole community, describing it as a step in the right direction. “We’re glad that yet another crypto player sees the value in Zeux and not only what we can offer them, but what we can offer their customers. We look forward to what’s in store,” Zeux CEO Frank Zhou commented and stated:

BCH is one of the most prominent coins in the crypto space and working alongside their team brings us all closer to the mass adoption of cryptocurrency.

Earn up to 10% Interest on Your Bitcoin Savings

With the spread of decentralized digital assets and the problems fiat currencies are facing right now, often due to failed central bank policies, demand for traditional-style banking services in the crypto space will continue to grow. There’s a void to be filled and platforms such as Cred are doing exactly that. A partnership with Bitcoin.com aims to expand global lending and earning on cryptocurrency investments.

The cooperation allows Bitcoin.com customers to earn interest on their crypto holdings, up to 6% on bitcoin cash (BCH) and 10% on bitcoin core (BTC) invested with the Credearn product. The interest can be paid in either bitcoin cash, bitcoin core or Cred’s own LBA token. That provides clients with multiple interest options in a departure from earning interest only in fiat dollars. Over 4.6 million users of Bitcoin.com’s wallet can now take advantage of the crypto saving feature.

Similar to a bank, Cred uses the pledged assets to lend to various borrowers including retail investors and money managers. That’s on a fully collateralized and guaranteed basis as the platform works with trusted collateral agents and leading custody partners including Bitgo, Bittrex Enterprise and Ledger. The aim is to ensure the safety and security of the digital assets deposited by its customers.

Norwegian Bank Invests in Crypto Exchange

Traditional financial institutions have been tempted to get involved in the crypto space and provide services related to digital assets. Such is the case with Sparebanken Øst, a Norwegian savings bank, which recently announced it had bought a 16.3% stake in the Norwegian Block Exchange (NBX) for 15 million Norwegian krone (approx. $1.67 million). The new trading platform is expected to start operations this month.

Admitting the high risk of the investment, Sparebanken Øst nevertheless noted in a press release its belief that “the ownership position in NBX is sound, based on the bank’s solidity and risk profile, and is responsible in relation to the bank’s needs and desire to take a leading role in technological developments in the industry.” The crypto exchange itself plans to also provide payment services to its customers. NBX will be fully compliant with Norwegian regulations applicable to its financial activities.

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Do you expect the crypto banking sector to grow rapidly on the backdrop of low and negative interest rates offered by traditional financial institutions? Share your thoughts on the subject in the comments section below.

Images courtesy of Shutterstock, Zeux.

Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card.

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