Sweden, June 15 – In a decisive move to adapt to the new normal concept of everyday living caused by the COVID-19 Pandemic, Wallex is taking its custodian role to unprecedented new heights to accompany its clients in safeguarding their traditional and digital assets from uncertainties and at the same time providing new opportunities to the underserved and underbanked communities.
Impact of the coronavirus.
“COVID-19’s unforeseen ability to disrupt normal lives has relegated underserved communities of nations to far worse situations owing to the sudden unemployment of millions and the eventual residential displacement of peoples,” says Simone Mazzuca, Wallex Director, in a recent interview. “The bulk of them who were used to dwelling in cities with close proximity to various support systems may now find themselves moving to the countryside with little or no access to hospitals, schools, shops, banks, financial institutions, and other funding or loan agencies,” added Mazzuca. Forbes reported that the rate of unemployment in the United States alone climbed to 14.7% this April, with almost 21 million jobs being wiped out, while the UK continues its attempt at dampening the impact of the pandemic and avoid falling into a deeper recession.
Wallex to the rescue.
Mazzuca says Wallex has thus, strengthened its core custodian role to mitigate the pandemic’s impact especially among individuals who live from paycheck to paycheck, big and small business owners needing to stabilize, and the unbanked who thought banks were punitive and not necessary, which can run to 3 billion people worldwide. Mazzuca observed that during lockdowns, smartphones had become the individual’s lifeline connection between families, friends, and businesses. Financial technology has streamed into a vital cog linking people to financial institutions to transact business at any given time across borders without actually going there. Mazzuca explained that during these times of social distancing and lockdowns, Wallex Custody has become crucial to individuals and entities in managing their assets due to limited movement. This is where the imperative need for assets of any kind to be managed and protected by Wallex Custody.
What can Wallex Custody do?
As an asset management, Wallex Custody is giving prominence to the use of custody accounts where the customer has the option to open multiple accounts per currency, or have multiple currencies in one account. Personal accounts can earn a monthly interest rate starting of 0.5% as opposed to a yearly 1% in a traditional safe keep. Wallex Custody can also deal with any type of asset, be it fiat or digital or real estate without the need for bank licenses. With regards to a cyptocurrency exchange, Mazzuca explained that having a Wallex Custody account, allows you to move your digital currencies from your cryptocurrency account, and exchange any digital currency to the fiat currency of your liking. It also provides international IBAN.
There is no doubt that the new normal has ushered in a new era for financial transactions. And Wallex Custody has committedly become the new age custodian, Mazzuca concluded.
Start with Wallex Custody, and we will help you reach your financial goals.
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Customer safety and protection are the main priority for Trust. Therefore, as a regulated Fintech company, Wallex follows strict anti-money laundering procedures (5th Directive Anti-Money Laundry), and the more detailed person recognition procedures (KYC), as well as detailed transaction monitoring and chain analysis procedures therefore complying with the rules and regulations in each country of business operations.
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