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With this new legislation, banks will just become utilities that move money around in the background.

The European Union has recently adopted new legislation that allows financial institutions other than banks to open up Basic Payment Accounts for their clients. It is a move that is disrupting the global banking industry.īanks have always had a monopoly when it comes to storing people’s money.

Today the Dutch company Bitsafe, headquartered in Amsterdam and regulated by the Dutch Central Bank, is paying homage to their roots and again making history as the very first company to offer payment accounts to anyone in the world. The very first joint stock company worldwide was also founded in Amsterdam. In the sixteenth century it was the Provinces of the Netherlands that were the very first ones globally to introduce new financial instruments such as promissory notes and life annuities. This results in zero credit risk and immediate availability of funds,” Zuurbier continues. Funds in accounts are not stored with another bank, but with the central bank we work with. “All Bitsafe accounts will bear a unique Dutch IBAN. Thanks to new European legislation, Bitsafe is now able to accept customers from all over the world,” says Joost Zuurbier, CEO at Bitsafe. “Residents of a given country are usually limited to opening a bank account with a bank in their home country or region. The new Bitsafe accounts were showcased during the Benzinga Fintech Summit event that was held in downtown San Francisco, a mere stone’s throw away from the location where Bitsafe originally started in 1998. Every Bitsafe account comes with a unique IBAN which allows sending and receiving payments globally, including to and from the SEPA region. Bitsafe account holders can make deposits, make payments and withdraw funds. A Basic Payment Account works just like a local bank account.

Complete the final verification steps with Bitsafe directly, to withdraw funds in your preferred method.During the Fintech Week in San Francisco the Dutch fintech scale-up Bitsafe opened up registrations for its borderless Basic Payment Account to anyone in the world.

Follow Bitsafe’s instructions to install and link the Bitsafe app on your mobile device.ģ. Register for a new Bitsafe account, or pair an existing Bitsafe account, from your MV Account Settings > Payment Method section.Ģ. Setting up Bitsafe is a simple, three step processġ.

Once you have registered or paired your Bitsafe account successfully, your eligible payouts will be transferred free of charge to your Bitsafe account (USD 50.00 minimum earnings applies). Register for a new Bitsafe account via My MV > Settings > Payment Method > “Bitsafe” drop-down option, or pair your existing Bitsafe account from the same location. Bitsafe withdrawals by region are subject to Bitsafe’s available methods. Bitsafe customers can also get a Bitsafe Debit Mastercard which they can use to purchase goods and make ATM withdrawals. Withdrawal methods currently available are SEPA, Wire Transfer, ACH and US Check. Bitsafe is a payout solution that allows MV Stars to receive their earnings directly to their Bitsafe account.īitsafe payouts provide flexibility and convenience for withdrawing earnings.

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