Crypto payment Bitwala launches the first ever crypto banking service in Germany

16 Dec, 2018 | Updated: 16 Dec, 2018
by Fifi Arisandi
Crypto payment Bitwala launches the first ever crypto banking service in Germany

Germany-based crypto payment firm, Bitwala launches their new crypto banking service, claiming it as the first ever in the country. 

Bitwala, a cryptocurrency payment startup that received $4.5 million funding from several venture capitals a couple of months ago announces a new service for their customers in Germany.

The new crypto banking service will allow customers to manage both crypto and fiat deposits via their Bitwala account without any worries as it’s guaranteed with a traditional bank-security level.

According to CFO, Christoph Iwaniez, customers can conveniently receive salaries, pay rent and trade Bitcoin, all directly from their Bitwala account.

Moreover, any deposits they make up to EUR 100,000 or around $113,000 are protected by local law, as how it is with any traditional banks in the country.

Quoting the company’s co-founder and compliance officer, Jan Goslicki, “We were able to bring cryptocurrencies into a fully compliant banking setup regulated in Germany. This shows that cryptocurrencies can fit into regulatory frameworks which protect consumers and ultimately inspire trust.”

As of now, Bitwala claims to be in the middle of the onboarding process for 40,000 pre-registered customers, before moving on to accept new applicants in due time.

The new service that the company claims to be the first ever in Germany was made possible through their partnership with a local fintech company, SolarisBank that owns local banking license, as reported by Coindesk.

The partner itself is known for their supports that have made various crypto-related services available in the country. Just a couple of days ago, Germany's second largest stock exchange, Boerse Stuttgart announced the plan to launch a crypto trading platform in the first half of 2019, which is a result of their cooperation with SoftBank.

As for Bitwala, when they announced the partnership last month, the startup also mentioned their plan to apply for a banking license next year, as well as their expectation to launch their own bank one day.

One step at a time, Bitwala, one step at a time!

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