Bitwala launches banking solution for cryptocurrencies

Wednesday 12 December 2018 14:39 CET | News

Germany’s cryptocurrency flagship company Bitwala has started offering banking solutions for early adopters and mainstream users of cryptocurrencies such as Bitcoin.

Users can manage both Bitcoin and Euro deposits in one place with the convenience of a German bank account, according to the official press release. Bitwala is now starting to onboard 40,000 customers who previously preregistered to open a German current account with a built-in Bitcoin wallet.

Bitwala’s blockchain banking solution is fully compliant with the regulators, and as with any bank account in Germany, Euro deposits of up to 100,000 Euro will be protected by law. The accounts will be hosted by solarisBank, the Berlin-based tech- platform with a banking license and therefore supervised by BaFin and Bundesbank, Germany’s banking authorities.

Thanks to video verification, opening a Bitwala account doesn’t take too much. Customers will need to provide an ID and answer a few questions with the operator. This is a mandatory requirement for opening bank accounts known as Know Your Customer, or KYC.

To find out more about the company, you can check out our interview with Bitwala’s founder Jörg von Minckwitz here.

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Keywords: Bitwala, blockchain, cryptocurrency, crypto, Germany, blockchain bank, Jorg von Minckwitz, fintech, Bitcoin
Countries: World

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