Press Release: Polybius Bank: the First Bank for Crypto Business
EE, February 28, 2017 at 15:44 BST
Feb. 28, 2017 | Polybius Foundation announces the opening of the Polybius Bank — the first European bank specializing in financial services for companies dealing with cryptocurrencies and blockchain worldwide.
The Polybius Bank will both provide traditional banking services to individuals and legal entities using blockchain technologies, and work with cryptocurrency start-ups and blockchain projects.
Traditional banks are often suspicious about projects involving cryptocurrencies, refusing to service them or inflating fees for them as risky clients. The Polybius Bank is founded by people familiar with specifics of the crypto business, and it will offer an individual approach and comfortable environment for businesses dealing with cryptocurrencies and blockchain.
The Polybius Bank will also provide such services as credits secured by cryptocurrencies, creation of investment portfolios based on cryptocurrencies, and personal identification through the blockchain technology to meet the needs of private and public organizations.
Ivan Turygin, a co-founder of the Polybius Foundation, explains the demand for a bank dealing with crypto companies, by the conservatism of traditional credit institutions:
“For the first time, we faced a lack of understanding from traditional banks three years ago when we marketed mining equipment and tried to open an account in one of the Estonian banks. As it turned out, banks’ fear and misunderstanding of bitcoin was so serious, that they preferred to fully deny it rather than to understand the issue in order to distinguish a legitimate business from dubious firms.”
An idea of establishing a bank to be friendly with companies operating in the field of blockchain technologies and crypto business has been developed since 2016, and in early 2017, the Polybius Foundation was established.
CryptoPay, a major service of cryptocurrency payments, HashCoins, a developer of blockchain solutions, and AmbiSafe, a developer of Ethereum smart contracts, in cooperation with leading specialists from global banking organizations providing a required level of legal and financial expertise, are involved in the establishment of the Polybius Bank.
Today, the Charter is being finalized and the bank is being registered in one of the European Union jurisdictions.
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