Digital bank WB21 is the first of its kind to enable bitcoin deposits. Customers looking to transfer and deposit funds into their checking accounts from now on can do so in bitcoin.
WB21 has over half a million customers around the world, which enables them to make real-time deposits from bitcoin transfers into 18 local currencies that are offered by WB21.
To enable the feature, WB21 will be using the leading bitcoin payment processor BitPay. This will allow customers to deposit bitcoin with zero confirmations, quickening the process to gain funds into their checking accounts.
WB21 founder and CEO Michael Gastauer said: “A bank accepting bitcoin is quite unusual, however it makes total sense for us and provides huge benefits to our clients.”
In addition, Gastauer highlighted the advantages of accepting a cryptocurrency: “The problem some of our clients face is to make deposits if we don't maintain a local account in their country. By accepting bitcoin, our customers can instantly transfer funds to their WB21 account from any country in the world. As soon as they send bitcoin to our address, we credit the value in the currency the customer has selected to their checking account.”
WB21 has a monthly payment volume of over $400 million transacted by approximately 700,000 customers across 180 countries. Accepting digital currencies shows that banks and bitcoin can perfectly co-exist and make for better banking for individuals.