Vitsolutions, LLC has been conducting technical development of the World Bit Bank project and researching innovative financial technologies and the blockchain technology since 2016. World Bit Group which manages the World Bit Bank was established in 2018. It was registered in the EU and holds the Virtual currency against fiat currency exchange license and the Virtual currency wallet service license. Being under European jurisdiction, all real and digital assets of investors will have the highest security. By covering a large portion of the globe, we will be able to provide millions of people with banking services using cryptocurrency in conventional banking operations. Such services include: cryptocurrency loans, use of cryptocurrency in VISA/MasterCard debit cards, easy and cheap transfer and exchange of cryptocurrencies and many more financial transactions we make every day.
In February 2018 the company obtained a license to work with cryptocurrency - virtual exchange, virtual wallet services in full compliance with Estonian anti-money laundering and financial terrorism laws. The project involves the development of technologies and the establishment of an international cryptocurrency bank under the World Bit Bank (WBB) brand, whose work is based on two key technologies:
mobile, as a means of conducting real-time monetary transactions, and blockchain technology - the use of cryptocurrency (Wibcoin token) as the unit of account in the World Bit Bank ecosystem.
The WBB Wallet mobile application - a mechanism which merges tokens and a debit card. World Bit Bank (WBB) enables bank customers to pay in any cryptocurrency worldwide as long as they have any digital money on their WBB Wallet.