Nuo opens a cryptocurrency bank branch in Singapore – From virtual to an actual bank!

Varun Deshpande, the Co-Founder of Nuo, which is a virtual bank for cryptocurrencies, announced on Twitter that they are going to open a bank branch for cryptocurrency in Singapore. He also stated that they will open an ATM for cryptocurrencies as well. This will become the world’s first decentralized bank branch without a manager.

Varun, on a forum, said:

“We have completely automated and decentralized all the processes of the bank and thus ensuring no queues at all times. Our users from around the world can avail our services at no extra cost by visiting us at this branch.”

They are also introducing Advanced Artificial Robotic Account Managers [AARAM] which will eliminate the need for a real branch manager or a banker. The AARAM will be managing the customers personally at their branch. The services of AARAM will include giving answers to the queries of users of the bank regarding cryptocurrency prices, private keys, decentralized loans, etc. Users can book their own AARAM by installing the banks’ app and signing up on the app.

The ATM services will include deposit and withdrawal of Bitcoin [BTC], Litecoin [LTC] and Bitcoin Cash [BCH]. They will soon be adding support for Ethereum [ETH] and other ERC-20 tokens as well. With the decentralized ATM, a user can directly login to his/her account using an M-Pin or fingerprint.

Varun stated that they will soon start to accept Bitcoin cheques in their mailbox and would get them cleared instantly by executing them on the blockchain. The bank also comes with a locker section for private keys but they said that unfortunately they have been sold out due to high demand. The private keys would be stored in the form of a paper key and can be accessed anytime by visiting the branch.

He also stated that the bank will be open for 24 hours and 7 days a week throughout the year without any bank holidays.

The Indian government virtually banned regulated entities like banks from dealing in cryptocurrencies. The deputy governor of Reserve Bank of India [RBI], BP Kanungo has issued a warning giving the banks a time of 3 months to break away from the entities related to cryptocurrencies.

Varun, however, posted on Twitter saying:

“Today is a sad day and a huge misstep. An entire generation was waiting to be inspired by the power of decentralization.”

He added:

“Thankfully, we could foresee this happening and took the right steps since the beginning.”

They started Nuo as a virtual bank based in Mumbai and it raised $250000 from payment gateway firm PayU.

Alan Foster, Twitteratti says:

“A wallet is one thing but a whole fucking bank for cryptocurrencies is an uber-cool thing. The bank has all the features like lockers ATMs and checks of a conventional bank but this is all on cryptocurrencies which makes it sweeter.”

The post Nuo opens a cryptocurrency bank branch in Singapore – From virtual to an actual bank! appeared first on AMBCrypto.

Powered by WPeMatico