New Ripplenet member: EQIBank

EQIBank is a licenced and regulated bank for national currencies, crypto and digital assets, based in Roseau, Dominica. It received its license in October 2018. According to its press release:

“Cryptocurrency and emerging digital assets are redefining the way banks need to operate. In today’s financial ecosystem, investors are hindered by the complexity of multiple separate relationships with banks, cryptocurrency exchanges, lenders, custodians, wallet and vault providers. This typically involves up to 13 different touchpoints, creating an inherently risky and expensive process. EQIBank was designed with the aim of simplifying and future-proofing banking infrastructure by replacing these fragmented relationships with one secure, stable and cost-efficient bank.”

“Banking is broken. We hear this consistently throughout the market – whether we’re talking to high net worth individuals or financial institutions. People want to invest in new, emerging asset classes, but they can’t because the industry simply hasn’t evolved to make it possible. The process is too complex, too expensive and too insecure. We launched EQIBank to solve these problems, redefining the boundaries of banking.”

EQIBank incorporates distributed ledger technology, providing clients with an advanced digital platform for all of their traditional, digital and crypto assets. It provides:

Banking – In addition to current and savings accounts for private clients and corporates, EQIBank offers card services and lending accounts
Exchange – EQIBank is the first licensed bank in the world with an in-house cryptocurrency exchange. Moving forward, EQIBank will also offer banking services to partner exchanges
Lending – In addition to traditional loans from its own balance sheet, EQIBank will also offer P2P loans secured on cryptocurrency and digital assets
Custody – EQIBank is one of the first banks in the world to offer custody and vaulting service for crypto and digital assets. These are secured to full banking standards
Insured Wallets – EQIBank’s wallets will be insured and integrated with EQI’s online banking infrastructure, offering transaction alerts, risk-screening and fraud protection
Settlement – EQIBank offers seamless internal settlement between fiat and cryptocurrency
EQIBank is an offshore bank and offers banking with no direct taxation. It will be joined by EQIBank Europe and EQIBank Asia, both of which launch in 2019.

According to EQIBank’s website, current accounts are available to individuals, trustees and personal representatives from their personal computer or via their mobile device, putting them in charge of their money when they need it. They can pay people or organizations via SWIFT, SEPA euro Credit Transfers or Ripplenet to over 180 countries with over 100 major currency options. The accompanying EQIBank Credit and Debit Cards are accepted at retail outlets worldwide, enabling customers to transact quickly and conveniently, online and via ATMs. EQIBank Card Services also provides exclusive benefits and a 24 hour concierge service.