Cryptocurrency exchange Globitex announced the launch of its EURO Wallet this Wednesday.
“Globitex strives to be the market leader in convenience, security and compliance,” said company CEO Uldis Teraudkalns. “With these values in mind, we have created the EURO Wallet.”
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The company has been preparing to launch the service for some time. Globitex subsidiary Nexpay UAB, which is regulated as a payments provider by the Bank of Lithuania, will be providing the service.
Jon Matonis, a Globitex Co-Founder and early pioneer in the cryptocurrency world, heads up the company’s payments firm.
Moving away from the traditional model
Until now, Globitex has taken Euro fiat deposits like most other cryptocurrency exchanges. That meant they had custody of your money and the withdrawal process was sluggish.
As it provides users with an IBAN number, the EURO Wallet means users are controlling their money.
On top of that, it means transactions can be made instantaneously. For instance, if I exchange bitcoin for euros with Globitex, the fiat currency is deposited into an IBAN account as soon as the conversion is complete.
Once that is done, I can then instantly withdraw the money into my account as opposed to waiting for a transfer from the exchange to my bank account.
As the account has an IBAN number, it also means that a user can make SEPA transfers which are usually instant. Moreover, it means that a user can make third-party payments with their Globitex account.