WB21 is a group of financial institutions licensed in various countries. The first legal entity established under the WB21 Group was founded in 2014 in Palo Alto, California. In 2015, WB21 was incorporated in Zug, Switzerland, and received its eMoney license from the Swiss authorities. In 2016, WB21 was incorporated in London and Hong Kong.
The UK company, which applied for a Payment Institution license with the UK Financial Conduct Authority (FCA), operates the European headquarters of the group. The Swiss company operates as card-issuing centre, and the Hong Kong company operates as a stored value facility under the local regulations. The US company provides software development services to the entire group.
BitPay will act as payment processor for WB21 customer deposits in Bitcoin.
The new Bitcoin deposit option enable Bitcoin payments at both online and physical locations. Efficient global banking services linked to a global digital currency could seriously disrupt the current nation-based banking system, according to Bitcoinmagazine.com.
The WB21 debit card ? a virtual or physical MasterCard ? is available almost globally and can be used to pay or withdraw cash at ATMs worldwide. The option to order a credit card online currently is disabled, so customers who want to request a debit card are invited to contact WB21’s support. The support staff say that, due to a high demand, WB21 is currently experiencing delays with manufacturing debit cards, the site continues.
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