Bitwala raises EUR 4 mln to launch blockchain banking service in Germany

In addition to Earlybird, coparion also joined Bitwala as an investor. Also, more than 30,000 people already signed up to be among the first to be onboarded. The account will combine all the features needed for everyday banking in both the traditional and in the crypto world.

Users will benefit from a German bank account, provided with Bitwala’s banking partner, which offers SEPA debit and credit transactions, management of recurring payments and a debit card. Furthermore, a cryptocurrency wallet, which allows cryptocurrency trading with access to instant liquidity, is integrated into the account.

Bitwala has substantial experience in the young market of blockchain banking, according to the company’s press release. Until late 2017, Bitwala operated as a hub for worldwide money transfers using blockchain as a vehicle. Previously, the company processed almost 100 Million Euros in transaction volume for their 80,000 customers, but the service had to be suspended due to sudden license removal of their card issuing partner in late 2017.

With the new product offering, deposits in current accounts will be protected up to 100,000 Euros under the German deposit protection scheme and supervised by Germany’s banking supervisors BaFin and Bundesbank, the company added.

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