NextPlay Technologies, Inc. (Nasdaq: NXTP)

by | Mar 15, 2022 | Fiba News

NextPlay Technologies, Inc. (Nasdaq: NXTP), announced that NextBank International, the international banking unit of its fintech division, has signed a Memorandum of Understanding (‘MOU’) with Alphabit Consulting Pte. Ltd., to provide deposit accounts and payment cards for members of its ABCC cryptocurrency exchange.

The NextBank accounts will maintain ABCC users’ fiat (government-issued) cash balances, permitting them to trade between fiat currency and cryptocurrency on ABCC exchange. Account-holders will also be able to apply for payment cards that would allow them to make payments secured by their cryptocurrency balances.

Alphabit has built a broad global user base with ABCC. As a Singapore-based cryptocurrency exchange operator, Alphabit has submitted a license application under the Payment Service Act 2019 to provide account issuance services and digital payment token services as it continues to operate under a license exemption.
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