The co-Founder of Nuo, Varun Deshpande announced on twitter that they are opening a bank in Singapore. This is not just a normal bank but a virtual bank for cryptocurrencies. He also stated that they will open an ATM for virtual digital money as well.
They are also introducing a new technology- Advanced Robotic Account Managers (AARAM). What so fascinating about this bank is that this bank doesn’t need a real manager or a banker. Customers will be personally managed by AARAM at their branch. AARAM can give answers to the queries of users of the bank regarding cryptocurrency prices, private keys, decentralized loans, etc. Also, users can book their own AARAM by installing bank app and signing up for the app. It is a completely automated and decentralized bank which ensures no queues at all times. All users from around the world can avail services at no extra cost by visiting the branch.
The ATM services will include deposit and withdrawal of bitcoin, litecoin and bitcoin cash. Ethereum and other ERC-20 tokens will be soon supported as well. A user can directly login to his/her account using an M-pin or fingerprint. They will soon begin to accept bitcoin cheques in their mailbox and would get cleared by executing 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.
Varun, posted on Twitter when RBI banned virtual digital money trading “Today is a sad day and a huge misstep. An entire generation was waiting to be inspired by the power of decentralization.”
“Thankfully, we could foresee this happening and took the right steps from the beginning.”
They started Nuo as a virtual bank based in Mumbai and it raised $250000 from payment gateway firm PayU.
A Twitteratti Alan Foster says this bank for cryptocurrencies is really a cool thing with all features like ATMs and checks of conventional banks.