Czech Bank Launches Cryptocurrency-Friendly Services

A commercial bank in the Czech Republic is now offering online services that combine traditional financial features with those for cryptocurrency users. Expobank CZ says its customers will be able to trade cryptocurrencies, invest in startups, and buy precious metals through their accounts.

Also read: Bill Proposes Tax Holiday for Cryptocurrency Businesses in Ukraine

Bank Provides Access to Cryptocurrencies and Crowdfunding

Expobank has recently entered into partnerships with two companies from the crypto sector in order to provide crypto-related services. An agreement with Wbtcb allows the bank’s customers to invest and transact in BTC. According to a press release referenced by Czech media, the bank’s customers will not need to create a separate cryptocurrency wallet. Higher transaction limits will be available to verified account holders.

Expobank’s clients will have access to new investment opportunities in the growing crypto industry. They will be granted access to Fundlift, the largest crowdfunding platform in the Czech Republic and another of the bank’s partners. Investors will be able to support fintech startups by participating in initial coin offerings as well as purchase shares and stocks of established companies.

Neo account holders will also be able to invest in precious metals. Expobank has formed an agreement with the Czech Mint which produces gold and silver coins and ingots. Purchases and sales of gold in the Czech Republic are exempt from taxation. Users of Expobank’s new platform will also have access to insurance services provided by one of the largest insurers, Allianz. For example, they can purchase insurance policies for business trips from within their accounts.

Prague Named Best City to Spend Cryptocurrency

Last year, the largest online retailer in the country, Alza.cz, started accepting BTC. This past spring, one of the largest Czech utility companies, Pražská Plynárenská, launched a cryptocurrency payment gateway for its customers.

With the launch of the Neo service, Expobank expects to attract more crypto enthusiasts, potential investors, and businesses operating in the industry — and eventually expand its customer base. According to Czech outlet Blesk, the bank currently has around 20,000 clients.

Restricted access to regular banking services remains a major hurdle for companies operating in the fintech sector, even in crypto-friendly jurisdictions such as Switzerland. There is an ongoing debate in the Alpine nation on how to solve the issue in order to prevent the exodus of fintech startups.

Do you think the new service offered by Expobank will attract crypto businesses? Tell us in the comments section below.