Cryptov8 launches universal account for both fiat and crypto currencies

July 12, 2018
Chris Wheal

Cryptov8 has announced it will launch a UK-domiciled universal bank account that manages both FIAT and cryptocurrencies in an attempt to exploit the lack of current services between UK trad banks and crypto banking services. 

Cryptov8 wants to be seen as a new challenger bank – and bring cryptos in from the cold

The crypto operator wants to be the first UK regulated bank to merge cryptos and traditional online banking. “Admittedly, the plans initially were modest ones, having obtained a UK Consumer Credit Licence, which was granted in August 2016,” Cryptov8 said in a release earlier.

“After our research we realized that the problems and therefore the opportunity for us to make a difference were far greater.”

“We relinquished our license and started on the journey whose goal was to attain a full-scale retail banking license by the start of 2019.” 

Cryptov8 claims it can reduce costs for customers and make the user experience – which is highly fragmented and difficult to judge for many – more straightforward. 

Can traditional and crypto banking mix?

A series of free online educational material will be available for anyone who opens a cryptocurrency account, says the company.

“The educational material will be intended to provide customers with a basic and introductory level of knowledge; this will be presented as a series of presentations, online demos, assisted demos, videos and articles.”

The material aims to ensure that customers “are safeguarded and protect themselves from some of the risks that are associated with the cryptocurrency market”.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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