Store Bitcoin & Euros in one bank account through this German startup
A German fintech startup has set the market abuzz with its latest product that allows bank account holders to store Bitcoin in their accounts without any hassle. Bitwala is all set to introduce this platform to manage both euros and cryptos in the same bank account.
Bitwala plans to launch this platform in November, and has already signed up 30,000 customers for the service. In terms of investment, the startup has secured funding of $4 million from Earlybird Venture Capital.
The financial service company commenced operations in 2015 with the aim of establishing an efficient exchange system specifically for bank account holders. Additionally, one of its earlier goals was to bridge the divide between cryptocurrencies and traditional financial services.
Bitwala aims to forge partnerships with German banks to facilitate smooth crypto-to-fiat transfer for their customers. Furthermore, Bitwala will also offer a Single Euro Payments Area (SEPA) debit and credit transactions, recurring payments management, and a debit card.
Daily settlement transactions such as receiving salary and monthly payments can be facilitated through this account. Besides these transactions, users can avail instant liquidity in digital assets trades through this “bitcoin bank account.”
“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,” said Jörg von Minckwitz, president of Bitwala GmbH.
Late last year, Bitwala’s credit and debit card crypto-facilities were suspended since their card partner’s license had been revoked, which led Bitwala to process €100 million for its 80,000 customers.
In this system of banking, current account deposits of up to €100,000 will be protected under the protection scheme and will be overseen by the German central bank, Deutsche Bundesbank and The Federal Financial Supervisory Authority, BaFin.
Image via Shutterstock
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