The family of football icon Pelé, led by his ex-wife Assiria Arantes do Nascimento and their twin children Joshua and Celeste, announced their entry into the digital financial market with the launch of JanBank. This new digital bank will not only offer brokerage services for the purchase and sale of cryptocurrencies, but will also innovate with the issuance of a Mastercard prepaid card. The platform aims to integrate cryptocurrencies into everyday payments.
The initiative also has the support of pastor Charlston Soares and businessmen Vitor Hugo Zitnick and Regis Renzi. The project promises to allocate 10% of its profits to social actions, according to revelations from Valor Econômico. However, JanBank is already encountering obstacles on the way. There is a need for clarification about its custody partnerships, after Valor Econômico updates its report removing mentions of the initial partners.
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JanBank custodial partnerships under question after denials
The cryptocurrency exchange, which plans to make popular digital currencies such as Bitcoin (BTC) and Ethereum (ETH) available, faced questions after allegations that BitGo was responsible for custody of assets. After the publication of the newspaper, two companies supposedly partners denied any relationship with JanBank, calling into question the veracity of the bank’s affiliations.
Despite these setbacks, JanBank remains steadfast in its market strategy, offering a variety of cryptocurrencies and promising significant social contributions from its revenue. This launch comes at a time when Bitcoin and other cryptocurrencies are experiencing notable appreciation, signaling a promising year for the sector.
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Digital bank reflects trend of traditional banks investing in cryptocurrencies
The case of JanBank illustrates the growing trend of traditional banks and new entrants into the cryptocurrency space seeking to capitalize on the rise of the sector. In fact, large financial institutions, such as Itaú, are beginning to incorporate cryptocurrencies into their offerings, while global regulators, including the European Central Bank, recognize the potential of cryptocurrencies as a store of value, especially in economies marked by inflation.
This development highlights the importance of regulatory clarity and transparency in the cryptocurrency ecosystem. Therefore, more investors are looking for digital assets as part of their financial strategies. The history of JanBank, linked to the legendary figure of Pelé, brings both a note of celebration and caution to the sector.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.