NextBank Project is an attempt to create a truly bitcoin-based bank, led by Celine Neves, a former CEO at a Vanuatu-registered bank, opening in Vanuatu.
Founder of the project Dimitry Voloshinskiy and his team has raised $950,000 so far using personal money and angels, and they hope to attract more.
What is a BTC bank? First, they’re looking to attract the bitcoin crowd.
“We are a 100% online bank. There is emote account opening in majority cases and we are thinking about the bitcoin community. We are happy to welcome bitcoin companies, traders and forward-looking entrepreneurs. NextBank is the first bitcoin friendly bank,” founder Voloshinskiy said. They are building the company to work unlike any bank before it.
Vanuatu is an “Oceanian island nation located in the South Pacific Ocean” that offers a number of benefits to banking partners including “rational financial authorities,” as well as general worldwide acceptance. This places the organization outside of the traditional roadblocks put up against bitcoin businesses, a problem that strangles many crypto-fintech plays in the cradle.
“It’s not black-listed as [an] offshore centre. According to our research in 40 jurisdictions, Vanuatu is ideal for the bank of tomorrow,” he said.
The company aims to make it easy to make accounts remotely, accept customers and work fully with international debit cards. It also will allow bitcoin businesses to work without the regulatory hurdles associated with current jurisdictions.
“I hate banks as they are at the moment. I believe they [are] going to die soon,” said Voloshinskiy. He wants to support bitcoin-based fintech business and forward thinking bitcoin fans, a move that should make a lot of wallet-holders quite happy. Expect to see more out of the bank in 2016 when the team launches their first products.