Frequently Asked Questions
What is EQIBank?
EQIBank is a regulated and licensed offshore bank, whose founders and directors have over 240 years of combined experience in banking, financial services, exchanges, asset management and blockchain.
How is EQIBank different to other institutions?
EQIBank is the first licensed and regulated global bank that provides a single ecosystem encompassing national currency and cryptocurrency banking, trading, custody, lending, clearing and settlement.
What are the benefits of opening an EQIBank account?
Private clients can enjoy a checking account with a bank debit card, compatible for use with balances from both national currency and cryptocurrency accounts. Savings accounts are also on offer with interest payable in either national currency or cryptocurrency, directly to the member’s checking account.
Business checking accounts contain a range of services that can be tailored to each client’s requirements, while business lending and trade accounts benefit from extensive international payment, cryptocurrency and foreign exchange services.
Who can open an account?
Those who deposit 5,000 EQI Tokens into EQI’s insured escrow account, thus taking them out of circulation, are able to obtain Bronze membership which is the minimum requirement to be eligible for an account.
Are my crypto and digital assets secure with EQIBank?
Less than 2% of client funds are kept online at any time, while assets in custody with EQIBank are secured to full banking standards. Cryptocurrency and digital assets are kept offline in cold storage vaults at secure locations and are further subject to fraud protection and risk-screening processes.
Is my EQIBank crypto wallet insured?
We will offer insurance on cryptocurrency wallets for Gold members and above, while cryptocurrency and digital assets stored in our cold storage vaults are insured from Silver level membership. This services will be available in 2019.
How will EQiBank ensure that it remains compliant?
EQIBank will introduce a seamless onboarding process and empower a network of partners to use a solution native to the platform, called EQICheck, in order to address the exponentially growing demand for efficient KYC and AML/CDD requirements.
How does lending work on EQIBank?
EQIBank will provide traditional bank loans and a P2P platform that enables clients to borrow or lend against their cryptocurrencies and digital assets. The use of smart contracts makes this a safe and efficient process.
What is the EQI Token?
The EQI Token is an ERC-20 compliant token to be issued on the Ethereum blockchain. It is intended to be used as a utility token, for use throughout all of the EQI ecosystem, serving vital functions in banking, cryptocurrency exchange, and settlement and clearing among others.
What benefits does having EQI Tokens offer?
EQI Tokens are first required to open a bank account and offer a seamless experience on the platform but confer additional benefits beyond this. EQI Token holders receive discounted fees on financial services and the tokens can be used to settle exchange and bank fees, for transfers within the EQI ecosystem, and also as an external settlement currency with participating EQI network partners.
Who can hold EQI Tokens?
Anyone can hold EQI Tokens for personal use, investment or payments.EQI Token holders are also eligible to become members, subject to passing EQICheck and depositing the minimum balance of 5,000 tokens into EQI’s insured escrow account, thus removing them from circulation.
Are there levels of membership?
There are six levels of membership which run from Bronze, with a minimum deposit of 5,000 EQI tokens, through Silver, Gold, Platinum, Diamond and then to Crypto for members who deposit upwards of 500,000 EQI Tokens.
What benefits are there to membership?
Members will receive rebates on fees across various lines of business, designed to create one of the world’s most competitive financial services institution. Members are sent a fee statement close to the quarter end, complete with a summary of the rebates earned by the member across each line of business. Diamond members, for example, receive a 30% discount on banking fees and 50% back on cryptocurrency exchange fees.