First licensed crypto-BANK!

[ActAshton]

BTCANKING ON BTCITCOIN

"EQIBank acquired its banking license in September 2018 to become the world’s first licensed and regulated bank to provide customers with a single banking relationship for their entire national currency, crypto and digital asset ecosystems. Instead of having to form multiple relationships with separate financial institutions, customers can access a comprehensive suite of services including clearing and settlement, trading, custody, lending, and banking." Pulled from https://www.financemagnates.com/thought-leadership/eqibank-the-first-licensed-bank-for-crypto-national-currencies/

As I look around and try to find the next biggest trend in crypto, I came across a company called EQI. I've been in the space for roughly 4 years and have seen it start from ICO's to Airdrops, Exchanges, and now Oracles and crypto-banking. I've looked over this project for some time and they seem to have their s%$! together as far as compliance, team, and vision.

Being in America, I think this would suit those best as we have to deal with these centralized giants like Wells Fargo, Chase, Suntrust, etc taking our funds and the fact we don't even own the money that we think we do- it's just what we are "owed".  I believe this can be the next wave of crypto trends and I hope to see others follow in the same path. We need to eliminate the disease of big banks we have now that are taking our money! What are your thoughts on EQI and the current banking system? Are we nearing a solution to this epidemic?

[morrongiello]

wow, I'm more interested in this Eqibank project, this project offers banking, exchange, borrowing, custody, and wallet

[stompix]

Hmmm, more like a token bank which will use its own token.
And the fees...god !!!!!...the feees !!!!

https://eqibank.com/fees/

Annual Fee:   Accounts <€5M Maintenance € 1’000
Wire Transfer Fee:   € 100

I hope there are quite a few of extra zeros in that table or it's some sort of Aprils Fools Halloween joke !

[ShadowBits]

BTCANKING ON BTCITCOIN

"EQIBank acquired its banking license in September 2018 to become the world’s first licensed and regulated bank to provide customers with a single banking relationship for their entire national currency, crypto and digital asset ecosystems. Instead of having to form multiple relationships with separate financial institutions, customers can access a comprehensive suite of services including clearing and settlement, trading, custody, lending, and banking." Pulled from https://www.financemagnates.com/thought-leadership/eqibank-the-first-licensed-bank-for-crypto-national-currencies/

As I look around and try to find the next biggest trend in crypto, I came across a company called EQI. I've been in the space for roughly 4 years and have seen it start from ICO's to Airdrops, Exchanges, and now Oracles and crypto-banking. I've looked over this project for some time and they seem to have their s%$! together as far as compliance, team, and vision.

Being in America, I think this would suit those best as we have to deal with these centralized giants like Wells Fargo, Chase, Suntrust, etc taking our funds and the fact we don't even own the money that we think we do- it's just what we are "owed".  I believe this can be the next wave of crypto trends and I hope to see others follow in the same path. We need to eliminate the disease of big banks we have now that are taking our money! What are your thoughts on EQI and the current banking system? Are we nearing a solution to this epidemic?

Good. Not far from now everyone will be aware of crypto and would try to adapt it themselves. But I know that someday those people will try to create a coin for themselves and sell it to the customers for assurance.

[Calligula]

do not forget to mention BOA

I think this is a good innovation for expansion in financial transactions regarding security must be better than the manual bank and the guarantee for customers.

[BitBite5]

The time will tell if this will be successful project or not. It's good thing that such bank has appeared but the fees are horrible. With some competition that might appear in the future hope this will change too. And let's see how users will accept this new concept.

[jseverson]

Hmmm, more like a token bank which will use its own token.
And the fees...god !!!!!...the feees !!!!

https://eqibank.com/fees/

Annual Fee:   Accounts <€5M Maintenance € 1’000
Wire Transfer Fee:   € 100

I hope there are quite a few of extra zeros in that table or it's some sort of Aprils Fools Halloween joke !

Lol yeah what are the tokens for if they already keep your cash and crypto for you? It makes much more sense to use those for whatever you might need. The memberships also feel like they just want you to buy tokens.

But yeah, the concept might be intriguing, but I can take care of my crypto myself so I probably won't be in the market for this kind of banking anytime soon. I can see this being quite polarizing.

[dothebeats]

Being in America, I think this would suit those best as we have to deal with these centralized giants like Wells Fargo, Chase, Suntrust, etc taking our funds and the fact we don't even own the money that we think we do- it's just what we are "owed".  I believe this can be the next wave of crypto trends and I hope to see others follow in the same path. We need to eliminate the disease of big banks we have now that are taking our money! What are your thoughts on EQI and the current banking system? Are we nearing a solution to this epidemic?

All the while I thought crypto startups would try to deviate from traditional financial institutions and models, but here we are getting another product of greedy capitalism. With this so-called innovative crypto bank, we're just adding another currency and some services that already exist in a single institution--not much innovation there IMO. In signing up with their services, it's as if you're giving your money to a bank albeit a less reputable one. It's better to just use traditional banking services for storage of money and exchanges for trading rather than risking it both in a single service that has a huge risk of being hacked.

Hmmm, more like a token bank which will use its own token.
And the fees...god !!!!!...the feees !!!!

https://eqibank.com/fees/

Annual Fee:   Accounts <€5M Maintenance € 1’000
Wire Transfer Fee:   € 100

I hope there are quite a few of extra zeros in that table or it's some sort of Aprils Fools Halloween joke !

Ahh nope, maybe not. Traditional wire transfer fees start @ $25 from where I am and this one is too absurd to even happen.

[fudster]

For all I know we intend to back away from the banks and centralization but here we go again with such project that seem to put us back to where we had been before. Isn't history repeating itself again?

Crypto wallets are meant to act like a bank for ourselves, but this EQI isn't working like how wallets do. If its going to work like we still own the private keys then there is no different to it from decentralized exchanges which is almost enough.

[avikz]

Hmmm, more like a token bank which will use its own token.
And the fees...god !!!!!...the feees !!!!

https://eqibank.com/fees/

Annual Fee:   Accounts <€5M Maintenance € 1’000
Wire Transfer Fee:   € 100

I hope there are quite a few of extra zeros in that table or it's some sort of Aprils Fools Halloween joke !

Lol!! I though of some fresh ideas that may have been incorporated in this new crypto bank. But it seems like another rip-off like traditional banks.

Man, what bank takes €500 term deposit pre-mature withdrawal fees?? My bank don't even charge a single penny for such cases!! Good luck to the account holders!!

[yitzjoe]

crypto-banking is a good step towards creating public trust in crypto and this will encourage more investors and new users to join crypto, if this continues and the more new crypto banks emerge then we will know what the future of crypto will be

[figmentofmyass]

EQIBank holds a full, unrestricted offshore banking license in CARICOM and is regulated by the Financial Services Unit[1] and Eastern Caribbean Central Bank.

who issued their license? they claim they are regulated by the commonwealth of dominica, but they are not listed here: http://fsu.gov.dm/registered-entities/offshore-banks

i don't think there's any situation where a single banking license would grant approval to operate across CARICOM, which is a supranational association of caribbean states. what institution is responsible for issuing banking licenses across all of CARICOM, and what authority do they have? the eastern caribbean central bank doesn't have jurisdiction over CARICOM.

given the above confusion (and possibly outright lies) this looks pretty shady to me. nobody should need a bank to hold their crypto anyway.

[stompix]

~

Lol yeah what are the tokens for if they already keep your cash and crypto for you? It makes much more sense to use those for whatever you might need. The memberships also feel like they just want you to buy tokens.

But yeah, the concept might be intriguing, but I can take care of my crypto myself so I probably won't be in the market for this kind of banking anytime soon. I can see this being quite polarizing.

Probably the whole idea behind this token is another stable coin with a fixed value. I really can't find anything about it but it seems like this would be the only way to get licensed as a bank since there is no way they would allow a bank that would have their customers funds at risks with the volatility we experience.

But their entire website is so full of contradicting info and ....mistakes!!!

https://eqibank.com/eqi-token/

This service is designedfor HNWIs
of $5 million is requiredat the time
services anda member may choose

So you're targeting customers with at least 5 million but you can't double check a text for typing mistakes!

Lol!! I though of some fresh ideas that may have been incorporated in this new crypto bank. But it seems like another rip-off like traditional banks.

Seems like this is the new trend right now, we're replacing something bad with something ten times worse.
In the place of banks, we have those webwallets (inputs.io and many others), Karpeless replacing Madoff,  instead of the FED we have Ver and bitmain...

[timotron]

haha banks... Why would someone use this?

You losing your autonomy! you losing your control over money and probably you will need a bunch of documents...

And these fees are the best!

I will add this to my "funny watch list" 

[proTECH77]

Really, the first licensed Bank on a centralize platform to enslave the world of cryptocurrency; this is never a good one coming from EQI to Crypto-community. Crypto (Digital currency) sole aim was to build a decentralize platform for freedom, but, now turning into a centralize platform for slavery from the political animals(Politicians). We the crypto-community reject their offer........'s.

[crwth]

Basically, it's just not what the Bitcoin's future intended.

As the 10 year anniversary of the Original Bitcoin is today, let me quote a part of the abstract of the study.

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution

The Financial institution meaning

A financial institution (FI) is a company engaged in the business of dealing with financial and monetary transactions, such as deposits, loans, investments and currency exchange.
Read more: Financial Institution - FI Definition | Investopedia https://www.investopedia.com/terms/f/financialinstitution.asp#ixzz5VVJ7jQs2

Bank Meaning

an organization where people and businesses can invest or borrow money, change it to foreign money, etc., or a building where these services are offered

It's just what Bitcoin is preventing these are the thoughts that come up to mind.

[figmentofmyass]

haha banks... Why would someone use this?

You losing your autonomy! you losing your control over money and probably you will need a bunch of documents...

sadly, most people don't enter this space for the autonomy. it's more about greed. there's plenty of people out there (including wall street institutions) that might want investment exposure to bitcoin, but don't want to secure coins themselves. it's not surprising when you consider there's still a lot of technophobia in our society. the older generations, legacy institutions, etc.

in 10-15 years, i bet bank of america and all the other major retail banks will expand their depository services to include crypto.

[jcpone]

Let's give this crypto banking a chance considering this bank creates a regulated institution that bridges fiat money and cryptocurrency together with ease. This institution might bring comfort to introduce cryptocurrency to everyone. However, we need to take note the specifics such as transaction fees and insurance.

[andriw]

Has EQIbank been established and is operating or still in the project? if it is not already operational, then there is one more project that has obtained a license before EQIbank, it is World Bit Bank, they obtained a license in February 2018. You can see it on the website https://wbb.io

[nur rochid]

Let's give this crypto banking a chance considering this bank creates a regulated institution that bridges fiat money and cryptocurrency together with ease. This institution might bring comfort to introduce cryptocurrency to everyone. However, we need to take note the specifics such as transaction fees and insurance.

of course, with the regulating institution, it will add fees to support it. but for me this is not a significant problem, as long as the development of cryptocurrency is clear