Blockchain Bank Account Rolled Out By Bitwalabr>
Blockchain payment service provider Bitwala has officially rolled out its banking service to cryptocurrency users in Germany.
Bitwala’s blockchain bank account, developed in partnership with Banking-as-a-Service (BaaS) platform SolarisBank, is authorized and regulated by the German Federal Financial Supervisory Authority (BaFin) and the European Central Bank (ECB). The new banking solution enables users to manage “both bitcoin and euro deposits in one place with the safety and convenience of a German bank account.” The bank accounts come with a debit card and a built-in bitcoin wallet with integrated crypto trading. Euro deposits up to €100,000 ($113K USD) are protected by the German Deposit Guarantee Scheme (DGS).
Bitwala announced that the accounts is now available in Germany and they plan to expand to other countries within the coming months. The company said that new users along with the 40,000 pre-registered customers will be onboarded one after the other based on their waitlist place.
“We built the new account putting our customers first,” said Ben Jones, Bitwala’s Chief Technical Officer and co-founder. “No longer do you have to wire your liquidity to separate exchange accounts with frail fund protection measures outside of Germany. No longer do you have to accept excessive fees for trading. Trading with Bitwala is fast and reliable and our pricing highly competitive.”