Finance

Neo & Bee – the first Bitcoin bank

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Neo & Bee opened stores today in the Cypriot capital Nicosia. The event was covered by almost all media on the Mediterranean island. The world’s first bitcoin bank merges euro and bitcoin banking; the sophisticated business concept makes the company not only the most promising start-up Cyprus, but also the most innovative financial company in Europe.

Neo & Bee has been in discussion for a good six months and is listed as a title on the Bitcoin stock exchange Havelock Investments traded. According to its own information, the company is the first Bitcoin bank in the world. After it was unclear for a long time what exactly was behind it, the fog is now lifting – and what is now being revealed exceeds all expectations. The company integrates the Bitcoin into the traditional banking and payment system. The elegant concept, which can be read in detail in a pdf, could represent one of the greatest European financial innovations for a long time. In general, it is planned to place as many bitcoin ATMs as possible. especially in large cities, the source writes in more detail BD.

 Euros covered by bitcoins, euro value guaranteed

merging in the company the two companies Neo and Bee. Neo takes on the role of the bank: As with other banks, customers can deposit euros into an account. With this you can make deposits, withdrawals and transfers in euros as well as in Bitcoin. The credit deposited in euros is 100 percent covered by bitcoins. If the Bitcoin rate rises, the credit grows to a certain percentage; if it falls, the full euro amount is retained. Account holders can therefore benefit from increases in the value of Bitcoin without taking any risk.

Pay with euros, use blockchain

Bee is a payment service provider. Customers receive a card with EMV chip and PIN technology. With the help of the supplied reader for the computer, you can pay on the Internet like with a credit card. Bee processes the transactions via the blockchain, which is why they are cheaper, faster and more secure than those of competing providers. Merchants who accept Bees cards require a terminal, of which the first 1000 will be sent free of charge. The fees per transaction will be less than 1%; Shops have the option of receiving the bitcoins either almost immediately on their own wallet or on their account the following day in euros at the rate at the time of sale. Since payments are instant, irreversible and cheap, Bee advises customers to use this to offer a discount.

Neo & Bee already has a number of cooperation partners who accept the Bee card: The grocery kiosk – SoEasy chain, which has 41 branches on the island, the University of Cyprus including the Medical School, the Nicosia Intercollege, the Globaltraining business school, Lumiere TV, a Cypriot pay-TV channel that also broadcasts Bundesliga games, as well as telemarketing, an online trading platform with a wide variety of products.

In summary, Neo & Bee offers a bank account that covers 100 percent of the euro balance with Bitcoins and enables customers to participate in rising Bitcoin rates without letting him bear the risk of falling prices, as well as a payment system that is cheaper and faster than all competing offers. The company is the most promising start-up in the troubled Cypriot economy and promises to turn the island into a global bitcoin hub.

Olev Erik
the authorOlev Erik