Bitwala – a German blockchain based banking service is to launch the first ever platform enabling to have both, euro and bitcoin funds at the same bank account.
The long-awaited system is going to be launched in November for approximately 30,000 customers that have already pre-signed for the upcoming banking service. Earlybird Venture Capital is known to be the biggest initial investor of the project – providing funds worth over €4 million.
The new crypto-fiat innovation will provide a variety of new abilities for the customers. The service will benefit the users accessing the banking services with German bank account that are provided with Bitwala’s banking services offering debit card, both – debit and credit transactions via SEPA and recurring payments that are manageable easily. Additional to the fiat services, the users of the “bitcoin bank account” will have an instant access to trade digital assets.
Since 2015 Bitwala has been providing financial services for companies, specifically focusing on boosting value exchange between customers in an efficient and cost-effective system. Now, as the company is launching its own regulate service based on blockchain, one of the companies main achievements is to be completed – the transition combining the cryptocurrency and traditional financial systems.
The president of Bitwala GmbH, Jörg von Minckwitz, commented the upcoming development stating:
“The cryptocurrency community is eagerly awaiting the launch of our new service. I’m very proud that with our new product we will close the gap between crypto and traditional banking and solve one of the biggest hurdles on the road to mainstream adoption”.
The upcoming system update will be big change for the future of blockchain industry in terms of having a one step further among the adoption and recognition of the majority audience. Safety wise, the deposits will be protected up to 100,000 euros in the current accounts of the system, under the German deposit protection scheme. The supervision is covered by Bundesbank and Germany’s banking supervisor BaFin.
Author: Sarah Tuuli