Crypto Exchange Globitex Launches Banking Solution With Instant Transfers

Cryptocurrency exchange Globitex has launched a new service called the Euro Wallet which allows users to make and receive euro payments in their personal IBAN accounts like any other European bank account. The company claims that this service is a solution to banks closing accounts of crypto businesses.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Globitex’s Banking Solutions

European cryptocurrency exchange Globitex announced on Wednesday the launch of its new service called the Euro Wallet. The company is co-founded by early bitcoin adopter and former executive director of the Bitcoin Foundation Jon Matonis.

The announcement reads:

The Euro Wallet allows users to make and receive EUR payments on a personal IBAN account like any other EUR bank account. The account can be accessed on the cryptocurrency exchange platform providing the user with seamless transactions and EUR under their full control in mere seconds, after withdrawing from their Globitex trading account.

The service is designed to assist crypto users, traders, miners, and businesses in the EU. Globitex CEO Uldis Teraudkalns explained that this new product offers “access to a fully functional IBAN account via the Globitex cryptocurrency exchange as well as instant deposits / withdrawals on Globitex trading account.” According to its website, the exchange currently supports the trading of BTC, BCH, ETH, GBX, and EURS.

In addition to various fees for using the service, there is a monthly outbound transaction limit of 30,000 euros (~$33,832) for individuals or 200,000 euros for corporate entities.

The Benefits

Globitex explained that among the benefits the new service offers are personal IBAN accounts, SEPA transfers, instant EUR deposits and withdrawals from trading accounts, and the ability to make third-party payments. Meanwhile, actual euro “funds are kept at a European central bank,” the company noted.

Teraudkalns reiterated that the new service provides users with their personal EUR account on the same platform as their trading account, thus allowing for instant transfers which save them “time and money when moving funds.” He elaborated that all EUR exchanges let customers access their money “only with an extra step of transferring the EUR funds to another bank account” in their name which “depending on the bank the exchange uses can take 1-2 days.”

Furthermore, he emphasized that his company “will never say no to a client because their business is related to cryptocurrency,” unlike many banks in Europe that close customer accounts dealing in cryptocurrencies with no explanation or charge them “ridiculous fees for banking services.”

E-money License

The Euro Wallet is powered by Globitex’s parent company, Nexpay UAB. Nexpay was granted an e-money license (EMI) in October 2017 by the Bank of Lithuania to carry out payment services and e-money issuance in the EU. Matonis is listed as the CEO of the company on the central bank’s website. This license allows the company to “provide clients with payment services and e-money issuance across all 28 countries,” Globitex proclaimed.

“Acquisition of the EMI licence brings with it the possibility of integrating with the SEPA euro payments system directly through the Central Bank of Lithuania,” the exchange described. “This will enable Nexpay to clear euro payments directly, without the involvement of commercial banks, and to issue IBAN accounts to Globitex clients just like banks issue accounts to clients.”

What do you think of Globitex’s new service? Let us know in the comments section below.

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