The first financial services portal for the digital currency opens up in Cyrus.
Neo & Bee is the first financial services portal for Bitcoin. Recently opened in Cyprus, this flagship branch aims to provide customers with bank-like services, including deposit, savings, business and merchant accounts. The establishment seeks to simplify the way people use this crytocurrency and wants to help them “interact with their money like they would with Euro deposits in any traditional bank.”
According to Danny Brewester, CEO of Neo, the system is essentially two separate brands that fall under the same roof. Neo is a bank-without-a-bank reserve that grants customers access to accounts that have a fiat value limit or ones that offer “full exposure to the bitcoin price level. Bee functions like a bitcoin-based debit card system that offers merchants faster settlement processing times, lower fess, and no chargebacks.
Both Neo and Bee systems are in compliance with banking laws and regulations, but are free from the influence of the EU Central Bank.
To help people deal with Bitcoin’s technological complexities, Neo has launched three products that enable people to access the currency’s benefits without being worried about security or other complications. The Instant-Access Bitcoin Wallet is offered as a standard way to store funds, which will be given in the form of a Bee card and can be used at retail locations within the country, as well as “through existing Bitcoin payment gateways.”
For people concerned with Bitcoin’s volatility, the Time-Locked Wallet will allow them to hold onto their digital money for a pre-determined amount of time. This type of holding allows customers to convert funds back to Euros on an agreed-upon date under a protected exchange rate. The Merchant Wallet is specifically for people who would wish to accept Bitcoin payments during business transactions.
The adoption of such a digital currency system could remedy the recent economic problems in Cyrus, and establish Bitcoin as a secure alternative to fiat currencies.