Freedom Coop provides an alternative banking ecosystem for members of the cooperative.
The two main features are: an online Faircoin wallet and a virtual bank account, thanks to our cooperative alternative banking partner.
This is an important milestone for the financial freedom of the participants in Freedom Coop, because this account toolkit can be used by a collective without any legal form, or by individuals despite any personal legal issues they may have in the country where they live.
1 – Faircoin online wallet.
FreedomCoop offers all the members a Faircoin online address that you can use to receive and make payments (for example, buying at market.fair.coop) or to store Faircoins securely without needing a computer or a smartphone.
This Faircoin online wallet can be charged at www.getfaircoin.net and progressively the FairCoop ecosystem will offer more ways to interact with it.
Collective projects can give a Faircoin wallet to any of their members and use it for distributing their incomes between them.
The Faircoin wallet is integrated with the OCP.
More info about Faircoin here: fair.coop/faircoin.
2 – Virtual bank account
a) What is a virtual bank account (VBA) and how does it work?
A VBA is an account based on a shared IBAN number. The payments received are managed by the “subject” title which will be provided when you join. All members of Freedom Coop share the same IBAN.
You access your VBA using your unique user and password, and can make payments such as SEPA transfers, or send money to other users of the same service instantly.
The legal ownership belongs to the banking cooperative who have a partnership with Freedom Coop. This allows you to use these accounts without the risk of your account being frozen due to your personal situation in your country.
b)- How to apply
First, you need to be a member of Freedom Coop. You can apply here for the **FreedomCoop membership**
After that, you can apply for a VBA, at no additional cost, using the OCP management panel.
3 – Requirements.
You must meet at least one of these requirements:
c) Examples of how the VBA can be used:
This alternative banking tool can be used to:
d) What you can and can’t do with your VBA