Introducing Multi-Currency Deposits on BnkToTheFuture.
Now you can deposit any traditional currency on BnkToTheFuture.com and we will automatically convert it to USD* using our auto-convert feature.
We are excited to announce that you are now able to deposit any traditional currency supported by SWIFT into your BnkToTheFuture account. A full list can be found here. Once received our trust partner will auto-convert your funds to USD using the exchange rate at the point of receipt. All USD on our platform can be invested or withdrawn as either USD or stablecoins like USDT giving investors maximum flexibility with their funds.
Please note when sending any currency other than USD the bank will charge a foreign exchange fee which will only be known to us after the conversion has taken place. You will have to assume all currency risk and any third party bank fees will be deducted from your deposit.
As the next phase of our vision all USD balances will now be shown as “USD* ” on BnkToTheFuture. The reason for this is because they are interchangeable between traditional USD and stablecoins like USDT allowing for easy on-boarding to the crypto sector.
For any other information related to depositing funds in your account please go to the Funds section in your BF account. If you still have any doubts, write to us on [email protected]
- What is USD*?
All traditional currencies (Example USD, EUR, GBP, CNY, JPY and any other traditional currency) you send to BnkToTheFuture.com are converted upon deposit into United States Dollars (USD) and held in a range of stablecoins that we call crypto USD (USD*).
These stablecoins are primarily held in TUSD (TrueUSD) and USDT (Tether), with some held in other stablecoins which may include but will not be limited to DAI, PAX, USDC, GUSD, BUSD amongst others. Therefore, your USD* balance on BF is backed by a mix of US Dollar fiat funds, stablecoins backed by USD and some decentralised stablecoins. Hence any transaction on the BF Platform will occur in USD* unless you are investing, for example, in a Primary Offering through one of our Third Party Escrow Providers or you are paying in Credit or Debit Cards for an investment.
We have introduced USD* to make it easier for many of our investors to deposit and withdraw the type of USD/stablecoin they feel most comfortable with and is most convenient for them.
- What is a USD stable coin?
A USD stablecoin is a cryptocurrency that attempts to offer price stability with a pegged exchange rate (called a peg) to the US Dollar and is reported to be fully backed by USD dollars. Other stablecoins may use an algorithmic mechanism to try to maintain their peg to USD. Stablecoins attempt to offer the best of both worlds – instant processing-as easy as sending an email and remove volatility when investments are priced in dollars.
Please note that there is no guarantee the stablecoins will hold their peg to USD and therefore in an extreme event there may be currency and counterparty risks associated with each stablecoin. We diversify across a range of stablecoins in order to manage some of these risks, but investors should be aware of the currency and counterparty risks before depositing.
- Which traditional currencies can I deposit and are there any fees to convert them?
You are able to deposit any traditional currency supported by SWIFT. A full list can be found here. Once received the bank will convert them to USD at the exchange rate at the point of receipt and will charge bank fees which will only be known to us after the conversion has taken place. Investors will have to assume all currency risk and all third party fees will be deducted from their deposit. Unfortunately, banks only reveal the exchange rate and fees after processing the conversion so the extent of the fees will be unknown until after they are converted.
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