Exclusive Bank for HODlers Despite Regulatory Hurdles – Services Open to Overseas CustomersMarch 9, 2019
Turkey has the most numbers of investors with cryptocurrency ownership. Bank of HODlers based in Bengaluru provides Insurance for cryptocurrency thefts and crypto-backed loans.
Ben Bernanke, Federal Reserve Chairman, has previously stated “It’s money 2.0, a huge, huge, huge deal” when talking about cryptocurrency.
Despite the April 6, 2018 circular from RBI; Darshan Bathija, Founder and CEO of Bank of Hodlers, has come up with a range of innovative financial solutions related to the cryptocurrency.
The Bank of Hodlers has been launched ahead of the verdict from the Supreme Court of India regarding several cryptocurrency cases.
Warren Buffett has once again re-established his stand concerning cryptocurrency by stating, “Bitcoin has no unique value at all. It attracts charlatans. If you do something phony by going out and selling yo-yos or something, there’s no money in it — but when you get into Wall Street, there’s huge money.”
The Bank of Hodlers will be providing a range of services which will provide for crypto credit cards; crypto backed loans and Insurance on crypto theft.
Since there are regulatory hurdles in India, these services will be made available only to investors from overseas. Bank of Hodlers is currently targeting the UK, US and Australian Markets.
Turks are reported to have the most of the cryptocurrency ownership when compared to the global average of 9%. When comparing the rest of the countries in the ranges from 12 through 6 percentage other countries involved are “Romania (12%), Poland (11%), Spain (10%), Czech Republic (9%), Austria(8%), and Germany (8%) Italy, Netherlands (7%), United Kingdom (6%), and France (6%).”
Meanwhile Revolut, the Online Challenger Bank introduced a new feature making it easier to protect investors interest from the volatility of cryptocurrencies.
Early this week, Revolut launched their “auto-exchange” feature, which permits automatic exchange between cryptocurrency and fiat. This will be set to occur when the crypto/fiat pair hit a specific range. This feature is very simple to set up. We need to see if the app will do what it is promising.
Such services are considered necessary because Freelancers from across the world need such services when offering their services beyond borders. Freelancers currently have to give up on nearly 20 through 30% of their earnings to their online broker sites, and many of them are considering to get paid in cryptocurrencies. Services like those offered from Revolut and Bank of Hodlers are particularly useful to the freelancers in the gig economy.