Digital bank WB21 has added bitcoin as a method for its customers to transfer and deposit funds to their checking accounts.
The bank’s customers can send bitcoin to make real time account deposits in any of the 18 currencies that WB21 is offering.
Commenting on the move, 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. We are offering instant account opening in 180 countries. 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. The funds are instantly available on the account and can be sent out by wire transfers or spent with a WB21 Debit Card.
"The process to convert bitcoin into cash on a bank account is the fastest I am aware of. For us the acceptance of Bitcoin is a great way to support our global roll-out and improve customers fund depositing experience."
BitPay will act as payment processor for WB21 customer deposits in Bitcoin.
BitPay chief commercial officer Sonny Singh said: "WB21 is paving the way for some exciting changes in online banking, and their decision to accept bitcoin is a great example of how innovation is changing the finance sector. Consumers with bitcoin don’t have to be limited by the country by country limitations of legacy payments – and now WB21 will allow them greater flexibility for making payments in up to 18 different currencies."