Globitex, one of the leading crypto exchanges has made tremendous efforts in the market. The exchange has introduced Euro Wallet, a new service for crypto users. This new service will enable the traders to pay and get Euro payments in their personal International Bank Account Number. It works just like any other bank account in Europe. The organization claims that the service is a solution to financial institutions that are deactivating accounts of crypto enterprises.
The Banking Solution Offered By Globitex
On Wednesday, the 13th February 2019, Globitex announced the introduction of a new service that is known as the Euro Wallet. The firm is co-founded by Jon Matonis. Matonis is one of the former Bitcoin adopter as well as the former Bitcoin Foundation’s executive director. The service has been created to assist the traders, crypto users, business people and miners who are in the European Union. This was according to the explanation by Uldis Teraudkalns, the chief executive officer of Globitex.
Based on the information on the official website, Globitex is also supporting the trading of EURS, GBX, ETH, BCH, BTC. There are also other charges that are placed on top of the other service usage fees. For individuals, 30,000 Euros is the monthly outbound transaction limit while 200,000 Euros is the monthly outbound transaction limits for the corporate entities.
What Are Some Of The Benefits Of The Project?
Globitex has explained a series of benefits that are offered by the new service. Among the benefits that are offered here are the instant EUR deposits, the SEPA transfers, as well as the personal IBAN accounts. The new service will also assist with the ability to make third party payments and the withdrawals from the trading accounts. The company has also noted that the actual Euro funds shall be kept at the European central bank. According to Teraudkalns, the new system gives the users their personal EUR accounts on the same platform just as their trading accounts. Therefore, that allows for quick transfers and saving them money and time when moving the funds.
All the EUR accounts will also allow the users to access their money only with an additional step of moving the EUR funds to a separate bank account. This is done in their own names and might be based on the bank that the exchange has opted to use. In most cases, it can take one to two days.
The E-Money License
Teraudkalns has also noted that his firm will not turn down a client because they are in a crypto business. This is what has been happening with several financial bodies in Europe. Nexpay, UAB, Globitex’s mother firm is the one that powers Euro Wallet. In October 2017, Nexpay was given a e-money licence by the Bank of Lithuania.
The license was offered for carrying out the e-money issuance and the payment services in the larger EU region. According to the information offered on the official website of the company, the listed CEO of the firm is Matonis.