Cyprus-based Neo & Bee is gearing up for the grand opening of their first (and flagship) branch in the Engomi suburb of Nicosia on Monday (24 February).
Neo is the world’s first physical portal for digital monetary services. The company aims to make the help those looking to manage their own money without the need for intermediaries like banks. The company also hopes to simplify the use of the digital currency, preventing the user from having to deal with bitcoin’s technological complexities.
As part of the launch, Neo will be releasing three products:
The Instant-Access Bitcoin Wallet will be a standard bitcoin wallet that allows users to store their funds. The company will earn revenue on these particular accounts by charging a fee when converting from Euro to bitcoin. Consumers who seek this type of account will receive a Bee card (which looks like a credit card), which can be used at retail locations in Cyprus and “through existing Bitcoin payment gateways”.
Neo’s Time-Locked Wallets will allow consumers to hold their bitcoins for a pre-determined amount of time — allowing them to convert back to Euros on an agreed-to date for the value at which they were when the wallet was established or the value of bitcoin at the time of the exchange. Gains (should the value go up) would be limited to a certain level. This solution protects the value of what has been stored from bitcoin’s famous volatility.
Finally, Merchant Wallets are available to merchants would wish to accept bitcoin payments (with no transaction fees applicable):
Merchants will have the ability to determine the exact percentage of revenue they wish to retain as Bitcoins and how much they wish to convert instantly to Euros as settlement. Merchants may accept payments into their bank account through electronic transfer, or collect as cash from one of the Neo branches. Should the merchant choose to access their money through one of our branches, they will have access to those funds within one minute of accepting the payment.
The company also has point-of-sale terminals available for merchants, for which they will charge a rental fee, in addition to monthly fees for online payment gateways.
Neo’s second brand in Nicosia has been delayed, as the Neo team is giving the flagship branch their full attention.