Expobank CZ, originally a Russian bank owned by Kazakhstan business mogul Igor Vladimirovich Kim has officially stated that it intends to open a cryptocurrency trading desk and virtual currency advisory service. In an official press release, the bank stated that its customers will be able to trade virtual currencies such as Bitcoin and Ethereum, invest via crowdfunding, and purchase commodities such as precious metals through their bank accounts. These transactions will only be available through the Czech branch of Expobank, however there are plans to make these services available in all branches.

This development places Expobank CZ at the forefront of cryptocurrency trading as it further legitimizes its use with ordinary customers looking to conduct their businesses and daily lives in a more open and user-friendly manner without having to jump through the hoops of going through various exchanges.

Expobank CZ has partnered with WBTCB, a pioneer in the area of Bitcoin Banking which allows its users to purchase FIAT currencies such as EUR and USD in exchange for virtual currencies. This is all done via mobile apps which are already supported via various point of sale merchants across Europe.

Bitcoin has many traditional bankers and financiers (not to mention governments) concerned about the lack of transparency in transactions. It is assumed that much of the cryptocurrencies are obtained via illegal Ponzi schemes or get rich quick scams such as Bitcoin Revolution and Bitcoin Evolution. Still, there is much legitimate business going on with Bitcoin these days as the new virtual economy is just starting to take its rightful place.